MBA NewsLink Staff
New York Life Real Estate Investors Closes Dedicated National Value-Add Fund
New York Life Real Estate Investors, New York, closed its first dedicated national value-add vehicle, The Madison Square Value Enhancement Fund.
The closed-end fund with more than $300 million of committed capital will invest in office, multifamily and industrial assets in United States primary and secondary markets.
Fund investors include New York Life Insurance Co. and Clal Insurance, Tel Aviv, Israel.
Paul Behar, head of Business Development at New York Life Real Estate Investors, said the firm already invests in value-added transactions through a regional fund and a non-core bucket within its core open-end fund, but this fund represents the firm's first dedicated national value-added vehicle.
"This program allows us to meet the needs of third-party investors who are seeking geographic diversification and higher returns," Behar said.
EdR to be Acquired by Greystar-Led Fund in $4.6 Billion Transaction
Student housing developer and manager Education Realty Trust agreed to be acquired by a newly formed fund, Greystar Student Housing Growth and Income Fund, in an all-cash transaction valued at $4.6 billion including debt to be assumed or refinanced.
EdR's Board of Directors said stockholders will receive $41.50 per share in cash, which represents a 26.3 percent premium over the 90-day volume-weighted average share price ending May 31.
EdR expects the transaction to close in the second half of 2018.