U.S. real estate firm, Exeter Property, is planning to raise about $500 million of equity for a new value-added fund, Real Estate Alert reports. It is seeking to raise $150 million at the first equity close of the Exeter Industrial Value Fund 2 within several months.

Exeter is targeting to make up to 90% of the fund’s purchases in primary markets. The company is not using any placement agent for the new vehicle. The firm had raised $392 million for its first portfolio, the Exeter Industrial Value Fund, in 2008. The fund had been marketed by Credit Suisse.

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