Westcore has garnered $550m (鈧�496) capital from two new separate account clients, enabling it to acquire up to $1.25bn worth of US industrial assets.
The manager said it received the capital from a major US state pension fund and an unnamed national insurance company. Westcore will be investing $100m of its own capital as a co-investment into the investment plan.
Don Ankeny, president and CEO of Westcore Properties, said: 鈥淥ur investor base has continued to expand and diversify, giving us current purchasing power of $1.25bn over our near-term deployment horizon.鈥�
Marc Brutten, chairman for Westcore Properties, said: 鈥淲e are excited to embark on the next expansion phase of our business targeting new geographies, asset management platforms and asset consolidations in the industrial, warehousing and distribution sectors.鈥�
Westcore intends to target existing core-plus and value-add assets as well as some new development opportunities.
