Arden Group Announces Final Close of Arden Real Estate Partners, III L.P. at $500 Million in Equity

Dubai, United Arab Emirates: Earlier this month, Arden Group announced the final close of the firm’s third fully discretionary equity fund, Arden Real Estate Partners, III L.P., at $500 million. Greenstone Equity Partners supported Arden in achieving fund closure by raising capital from its network of GCC-based institutional investors. 

Craig A. Spencer, Arden’s CEO, stated “although the global pandemic slowed fundraising, we are pleased that we were able to reach the fund’s hard cap, exceeding our initial target of $300 million by $200 million or 66%, with approximately 60% of the capital raised from institutional investors.” 

Taking advantage of the the dislocation created by the global pandemic, the fund has already deployed $350 million to make opportunistic acquisitions in all three of its verticals: light/last mile industrial, office and hotel. David Eberle, Managing Director, Arden Group commented “Greenstone’s Dubai based team provided tremendous support in securing critical funding from across the GCC region.”

Alex Gemici, CEO & Chairman of Greenstone Equity Partners, said, “A key strategy for fast growing fund managers like Arden is to widen their LP base by raising capital from GCC investors. Since the COVID-19 pandemic, real estate remains a key investment strategy in the region. With Arden we are proud that we were able to deliver a top-ranked real estate fund to our investors.”

Omar Al Gharabally, President and Chief Placement Officer of Greenstone Equity Partners, added, “We are delighted to collaborate with Arden, who has been an important partner for Greenstone for many years, and whose entrepreneurial mindset and disciplined investment approach align with our investors’ strategy and vision.”