The PERE Global Investor 100
The PERE 100 2020
The RED 50 2020
opportunistic
value-add
core-plus
Global Investor 100 2020
Global Investor 50 2019
PERE 100 2019
PERE RED 50 2019
Investor Perspectives 2020
The Sustainable Investing Report
The Sustainable Investing Report 2019
The Tech Report
The Tech Report 2019
The APAC Fund Manager Guide
The Fund Domiciles and Regulation Report
The Residential Report
The China Special 2020
PERE Annual Review and 2019 Global Awards
The Logistics Report 2020
The Fund Services Report
ESG Investor Survey 2019
Private real estate events
PERE Asia Week On-Demand
Understanding Private Real Estate
Real Estate Mathematics
Home News & Analysis DRA holds first close on Fund VIII
DRA holds first close on Fund VIII
The New York-based investment manager has held a first close on its latest real estate offering, bringing in $446.5 million in equity.
Katherine Bucaccio
DRA Advisors may be on the path to another billion-dollar fundraise. The New York-based real estate investment manager has held a first close on its latest commingled vehicle, raising $446.5 million in equity for DRA Growth & Income Fund VIII, according to a filing with the Securities and Exchange Commission.
Though DRA has not revealed its target for Fund VIII, the vehicle is a follow-on fund to Fund VII, which closed on $1 billion in equity commitments in October 2011. The firm's website notes that its investor base includes public and private pension plans, university endowments, foundations, financial institutions and high-net-worth individuals. In July, the Teachers Retirement System of Texas committed $75 million to Fund VIII, while the Fire and Police Retirement and Health Care Fund of San Antonio committed $8 million in September and the Ann Arbor Retirement System invested $11 million in October.
DRA has followed a consistent strategy for its eight value-added vehicles, investing in markets or properties that are perceived as out of favor by other investors and enhancing value through aggressive leasing and operational plans to grow NOI, according to the firm's website. DRA invests in the primary property types, diversifying its portfolio across office (30 percent), triple-net-lease retail (22 percent), multifamily (21 percent), retail (21 percent) and industrial (5 percent). Geographically, the firm focuses on the South, which makes up 42 percent of its portfolio, with the remainder focused on the East (28 percent), the West (23 percent) and the Midwest (7 percent).
Separately, DRA recently acquired a 50 percent stake in a four-property office portfolio in Austin, forming a venture with the portfolio's former owner, Brandywine Realty Trust. The $330 million deal included an interest in Barton Skyway, The Park on Barton Creek, 7000 West at Lantana and Cielo Center, which total nearly 1.4 million square feet in office space. Announced in July, the deal closed last month.
The true impact of covid-19 on debt markets will become clearer in 2021
LACERA approves €75m commitment
Apollo, PAG, UPS, AXA IM – Alts to give outlook on year ahead at debut briefing
Asia's economic recovery could reverse the natural pecking order for real estate
PERE Global Passport
Redefining the networking experience
ACCESS THE LATEST PERE
Asia overtakes North America as Asian investors' top cross-border choice – CBRE
2021 Outlook: Evercore sees more funds getting a new lease on life
Top 5 technology trends in a disrupted property world
Walking the talk with tech investment
GRESB benchmark participation rose in 2020 despite covid-19