AECOM-Canyon Partners has closed its fund at a hard cap of $500 million. AECOM-Canyon Partners is a joint venture between AECOM Capital, the investment adviser of infrastructure firm AECOM, and Canyon Partners LLC, an alternative asset manager. The fund will target all property types, including multifamily, mixed-use, office, hospitality, industrial and student housing.
LOS ANGELES, Oct. 25, 2019 /PRNewswire/ — AECOM-Canyon Partners today announced the final close of its fund. The fund hit its hard cap with just over $500 million in total commitments. AECOM-Canyon Partners is a joint venture between AECOM Capital, the investment adviser of global infrastructure firm AECOM, and Canyon Partners, LLC, a global alternative asset management firm with over $25 billion in assets under management. The partnership represents a unique combination of complementary skill sets in both investment and development.
“The overwhelmingly positive response we received in the market underscores the strength of our partnership and the value we can bring to large-scale real estate development,” said Michael S. Burke, AECOM’s chairman and chief executive officer.
“We see substantial demand for core assets from institutional capital sources, but higher barriers to developing large scale projects. This partnership is designed to create high quality assets in major markets across the country that offer buyers the stable income they are seeking in today’s low yielding world,” said Josh Friedman, Canyon’s Co-Founder, Co-Chairman, and Co-CEO.
The platform intends to provide joint venture equity across over $4 billion of assets with high quality development partners, primarily targeting “build-to-core” investments in the top 25 U.S. markets across all property types, including multifamily, mixed-use, office, hospitality, industrial, and student housing. In addition to capital, the joint venture partnership is seeking to deliver best-in-class design, construction management, and engineering expertise as well as credit support for its development partners.
Notable investments to-date include Ivy Station, a 519k square foot mixed-use development in Culver City where HBO has pre-leased all 240k square feet of office space; Union Place, a 525-unit luxury multifamily project in Washington, D.C. that is in the process of leasing; and Hotel Nia, a 250 key hotel adjacent to Facebook’s headquarters in Menlo Park, CA.
About AECOM Capital
AECOM Capital is an investor and developer of real estate and other large-scale projects across North America and select international markets. Targeting high-quality, risk-adjusted investments, AECOM Capital leverages AECOM’s vast resources across all engineering, design, and construction services for deal flow, due diligence, execution and project delivery. AECOM Capital has a total development value of over $4.5 billion across approximately 11 million square feet. As part of AECOM, a premier global infrastructure firm, we partner with our clients in the public and private sectors to solve their most complex challenges and build legacies for generations to come. A Fortune 500 firm, AECOM had revenue of approximately $20.2 billion during fiscal year 2018. See how we deliver what others can only imagine at www.aecomcapital.com.
About Canyon Partners Real Estate LLC
Founded in 1991, Canyon Partners Real Estate LLC® (“Canyon”) is the real estate direct investing arm of Canyon Partners, LLC, a global alternative asset manager with over $25 billion in assets under management. Over the last ten years, Canyon has invested more than $5.1 billion of debt and equity capital across over 180 transactions capitalizing approximately $13.4 billion of real estate assets, focusing on debt, value add, and opportunistic strategies. With over 27 years of experience, Canyon has established a broad menu of investment capabilities spanning property types, US regions, and project stages (including development, transitional, and distressed/workouts).
For more information visit: www.canyonpartners.com.