Company
Funds/Business Partners
The principals of WP Realty established investment funds to invest primarily in shopping centers in the northeastern part of the United States. They are a co-venture of WP Realty, Harvard Private Capital Group, an affiliate of Harvard University’s $14 billion endowment fund (currently managed by BayNorth Capital LLC), and Lubert-Adler Real Estate Opportunity Fund, L.P., a Philadelphia-based real estate investment firm.
In February, 1998, WP Realty announced the formation of its first investment fund, with equity commitments sufficient to acquire in excess of $200 million of real estate. WP Real Estate Fund I, L.P. was fully invested as of April 2000 in eleven shopping centers. Of these investments, nine have been sold and two have been stabilized and refinanced.
In August 2000, WP Realty established a second investment fund with these co-venture partners with additional equity commitments sufficient to acquire in excess of $250 million of real estate. WP Real Estate Fund II, L.P. was fully invested as of December 2003 in nine shopping centers. Of these investments, six have been sold, and three have been stabilized and refinanced.
In December 2003, WP Realty established a third investment fund with additional equity commitments of more than $75 million, enabling it to acquire an additional $300 million of real estate. WP Real Estate Fund III, L.P. was fully invested as of March 2006 in eight shopping centers. Of these investments, one has been sold.
In May 2006, WP Realty established a fourth investment fund with additional equity commitments of more than $150 million, enabling it to acquire an additional $600 million of real estate. WP Real Estate Fund IV, L.P. has acquired nineteen properties for its portfolio to date.
With its current equity commitments, the Company plans to continue its successful history of acquiring undervalued shopping centers.