STAMFORD, Conn. -- GE Investments said it has raised $350 million to form its third real estate closed-end limited partnership with 11 institutional investors.
The fund, GE Investment Realty Partners III, will seek out North American equity investments in office,. industrial, retail, and residential properties, ranging from $10 million to $100 million.
"The dramatic repricing over the last five years has made real estate an attractive investment [but] the field of investors has become crowded," said Philip Riordan, senior vice president of GE Investments. "To take advantage of opportunities in today's market requires a very selective process, and GEIRP III provides a vehicle to gain an edge in that environment."
The limited partners include, among others, GE Pension Trust, Massachusetts Institute of Technology, and Philip Morris Companies Inc.
