North America

West Street Real Estate Credit Partners IV will have more than $7bn of lending capacity.

The four industrial properties located on the Texas-Mexico border were sold to two institutional buyers.

The US firm is aiming to hold a final close this summer for the globally focused vehicle, which would be its largest closed-end fund yet.

Included in the firm’s arsenal of capital is $2.5bn raised for two Asia real estate funds following its acquisition of Angelo Gordon.

Among the $20bn raised by the Toronto-based firm during the period was $2.2bn for its fifth flagship real estate fund, BSREP V.

Mergers and acquisitions remain muted, but potential sellers are hungry for partners that can push their products onto retail investors, says Drew Murphy, partner and head of real estate at Berkshire Global Advisors.

The Los Angeles-based firm expects to bring to market the latest iterations of its European and US value-add real estate funds this year.

During the firm’s first quarter earnings call, senior executives said ‘interesting’ opportunities were arising in the lower-risk strategy.

Average private real estate remuneration growth tapered close to zero in 2023, according to the annual compensation study by PERE and executive recruiter Sousou Partners.

Most change-of-use projects are not economically viable, but falling prices, looming debt maturities and potential government assistance could change that.