Bixby Land Company Announces Closing of Bixby Industrial Fund I

Rhea-AI Summary

Bixby Land Company closed its Bixby Industrial Fund I, offering existing investors liquidity and extending duration for a portfolio of industrial properties in California, Arizona, and Georgia. The fund, with equity investors like Vintage Strategies at Goldman Sachs Alternatives and Ares Management Real Estate Secondaries fund, aims for value-add returns over a 5-7 year horizon.

Positive

• Successful completion of the fund raise demonstrates investor confidence in Bixby Land Company's vision and discipline.

• Additional discretionary capital for new investments in target markets signifies growth opportunities for the company.

Negative

• Potential risks associated with investing in real estate properties, market fluctuations, and economic uncertainties could impact the fund's performance.

• Long-term investment horizon of 5-7 years may carry inherent risks and uncertainties that could affect returns.

NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Bixby Land Company recently closed its newly established Bixby Industrial Fund I, a continuation fund that offered existing investors liquidity while extending duration for a portfolio of five industrial properties located in California, Arizona and Georgia totaling more than 836,000 square feet of leasable space all of which are 100% leased. Vintage Strategies at Goldman Sachs Alternatives and an Ares Management Real Estate Secondaries fund are equity investors in Fund I.

The transaction also provides additional discretionary capital for new investments in Bixby’s target markets in the Western U. S., Texas, and the Southeast. “Given an attractive basis on these initial investments, and a lack of new supply being delivered in 2025 and 2026, we anticipate attractive value-add returns over a five-to-seven-year investment horizon,” said Mike Severson, Bixby’s Chief Investment Officer.

“We are thrilled to announce the successful completion of our inaugural fund raise. This achievement is not only a testament to the confidence investors have in our vision and discipline, but also an important next step as Bixby continues its growth as an investment manager,” says Lindsey Ensign Olson, Director of Investor Relations & ESG Lead at Bixby Land Company.

Accord Group Holdings LLC, a global real estate strategic investment and capital advisory firm, via Accord Capital Partners LLC, its US broker/dealer affiliate, served as the advisor to Bixby Land Company.

About Bixby Land Company

Bixby Land Company is a leading commercial real estate owner, operator, and investment manager with over $1.5 billion of assets under management. The Company develops and invests in industrial, office, and R&D properties throughout the United States. For 125 years, Bixby Land Company has been committed to adding value for its shareholders and investors. To learn more, visit www.bixbyland.com.

About Ares Management

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2024, Ares Management Corporation's global platform had approximately $428 billion of assets under management with approximately 2,900 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Vintage Strategies at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023.

Established in 1998, Vintage Strategies at Goldman Sachs Asset Management is one of the largest secondaries investors in the world and has invested over $70 billion of capital since inception and has been a pioneer in the industry. The business provides liquidity, capital and partnering solutions to private market investors and managers worldwide across a range of private market strategies. Follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240509617577/en/

For media inquiries or further information, please contact:

Debbie Heinze at Bixby Land Company, 949-336-7028 or dheinze@bixbyland.com

Source: Bixby Land Company

FAQ

What is Bixby Land Company's Bixby Industrial Fund I about?

Bixby Industrial Fund I is a continuation fund offering liquidity to existing investors while extending duration for a portfolio of industrial properties in California, Arizona, and Georgia.

Who are the equity investors in Fund I?

Vintage Strategies at Goldman Sachs Alternatives and Ares Management Real Estate Secondaries fund are equity investors in Bixby Industrial Fund I.

What are the target markets for Bixby Land Company's new investments?

Bixby Land Company aims to invest in target markets in the Western U.S., Texas, and the Southeast with additional discretionary capital.

What is the investment horizon for the fund?

The fund aims for attractive value-add returns over a 5-7 year investment horizon.