Savanna Real Estate Fund IV Closes with $591M

Real estate investment firm Savanna announced the final closing of Savanna Real Estate Fund IV with $591 million, Dec. 13, 2017. This final close comes less than 12 months after the first closing from the fund.

It’s a fast fund-raising, that shows the eagerness of investors to pour their money into private equity real estate funds. Savanna’s Fund IV is 30% larger than Savanna’s last value-added real estate fund.

Fund IV has already acquired 31 W. 27th St., a 12-story, 144,500 square-foot office and retail building and 19 W. 44th St., an 18-story, 303,943 square-foot office building.

“Having acquired two fantastic properties in prime locations with significant opportunities to add value, we are well underway in executing the strategy we discussed with our investors when raising Fund IV,” said Nicholas Bienstock, co-managing partner at Savanna.

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