Investment firm KKR has strengthened its relationship with Drawbridge Realty Management, backing the San Francisco-based property firm鈥檚 latest $240m (鈧�213m) fundraising.
KKR鈥檚 commitment, together with other investors, provides Drawbridge with capital to acquire $600m of additional properties and increase its total asset base to over $1.6bn and into other US markets.
KKR first backed Drawbridge in 2014, when KKR and other investors made a total equity investment of around $250m.
Drawbridge is known for buying single-tenant US office and R&D buildings. The firm also builds and redevelops properties for leasing to large corporate tenants.
Drawbridge鈥檚 existing portfolio of 42 properties are located in markets like the San Francisco Bay Area, Denver, Phoenix, Austin, Atlanta and Salt Lake City.
Mark Whiting, Drawbridge chairman and CEO, said: 鈥淲e are delighted to have this growing support and commitment from the institutional investment community, particularly at a time when we are seeing numerous opportunities throughout the US that align with Drawbridge鈥檚 investment strategy.鈥�
Billy Butcher, KKR鈥檚 COO of global real estate, said: 鈥淲e are thrilled to continue to invest behind Drawbridge, alongside others, as the company builds on its impressive track record of acquiring and managing high-quality corporate properties.鈥�
