New investment vehicle focused on individual, mid-sized real estate assets ($5 to $200 million) or operating companies with substantial real estate assets

$300 million in equity (fully subscribed)

Fund target leverage of 65%

$1 billion in investment capacity

Direct equity investments or loans

Joint venture with high quality partners

Flexible investment structures to respond to sellers' tax and other objectives

Pursue multi-sector, value-added opportunities

Focus on U.S. East Coast

Sponsors/investors have long-term orientation and track record

Fund's perpetual life structure fosters a long-term investment horizon