Goldman Sachs Raises $3.5B For Global Real Estate Investment Fund
The asset management division of Wall Street powerhouse Goldman Sachs has raised $3.5 billion for a fund dedicated to global real estate investing, according to Bloomberg.
The fund will be called West Street Real Estate Investment Partners, which raised money from third party investors. The fund also took in investments from Goldman’s balance sheet and from Goldman employees.
The fund’s investment strategy is to make “core plus” or “value added” plays into commercial real estate sectors like warehouses or multifamily that have recently been performing well and are expected to continue to do so.
The fund has already deployed 50% of the $3.5 billion raised, according to Bloomberg.
The vehicle is overseen by executives including Goldman’s regional real estate heads, Gaurav Seth in the U.S. Jim Garman and Tavis Cannell in Europe, the Middle East and Africa, and Tak Murata in the Asia Pacific.
Worldwide real estate funds have raised slightly more than $29 billion in the first quarter, down sharply from almost $72 billion in the fourth quarter.
