Gerding Edlen Green Cities I
United States of America
Last updated 13 May 2020, by Impactyield.
Developed countries (203) / More developed regions (202) / More developed regions (North America, Asia & Oceania) (153) / United States of America (112)
Green Cities I is the first fund for Gerding Edlen, a full service real estate investment, development and asset management firm founded in 1996. Gerding Edlen is a pioneer in sustainable development and is the leading, private sector developer of green buildings as certified by LEED standards with over 45 certified or registered projects.
The value-added real estate fund will focus on developing and retrofitting mixed use properties in certain targeted high-growth urban markets. The fund will seek risk-adjusted returns while promoting energy, water and waste efficient green buildings.
With increased market demand for green buildings including tenants and property investors willingness to pay a premium for such projects, the Green Cities Fund I should be well positioned to capture this demand. Gerding Edlen believes this opportunity is strengthened by the limited supply of investor owned green buildings in the marketplace. Gerding Edlen's extensive experience with respect to LEED certified buildings means the firm can develop green projects at a lower cost relative to its industry competitors.
The value-added real estate funds objective is to maximize opportunities in the current real estate market by (1) acquiring discounted, income producing properties in certain targeted urban locations and retrofitting such properties into Class A energy, water and waste efficient and sustainable green buildings; and (2) seeking to develop new income producing green projects in strategically targeted locations. The Fund will focus on transit oriented, multi-family properties located in urban infill locations.
of track record
the year funded
Headquarters location: United States of America
Other funds managed by this asset manager: Gerding Edlen Green Cities II
Full employment and decent work with equal pay
Key performance indicators
Asset manager: Gerding Edlen
Product track record: Fund has 14 years of track record
Target IRR: 16%
Committed Capital: 182,000,000 USD (US Dollar)
Target return category: Risk-adjusted market-rate of return
Fund domicile: United States of America
Product status: Closed - still investing
Inception year: 2009
Vintage year: 2010
Target region: Developed countries, More developed regions, More developed regions (North America, Asia & Oceania), United States of America
Target close date: 01/12/2011
Product term: 10 yrs + 2x 1 yr ext
Assets under management: 450,000,000 USD (US Dollar)
Investment size: Min: 4,000,000; Max: 75,000,000; Avg: 20,000,000
Currency of investments: USD (US Dollar)
Currency for fund / product figures: USD (US Dollar)
Fund investments to date: 7
Fund investments to date exited or repaid: 0
Management fee: 1.2%
Carried interest: n.a.
Hurdle rate: 9.0%%
GIIN Investors' Council Investment: Yes
Limited Partners / Investors: Pension Funds and Charitable Trusts
Limited Partner / Investor Type: Pension Funds, Other Institutional Investors
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The benefit of green buildings include the protection and conservation of resources, improved air and water quality and an overall higher quality of life. Gerding Edlen exists to do one simple thing: to create vibrant, sustainable and inspiring places where people can work learn and live. Through the fund, Gerding Edlen will continue to be a leading innovator of green construction seeking new technologies and techniques to employ the highest energy and water efficiency measures for the Fund's projects.
In selecting investments, Green Cities Fund will apply Gerding Edlen's developed knowledge and strategic awareness which is encapsulated in a metric developed by Gerding Edlen called the "Livable Place Index". It is comprised of three primary components: Planet, which measures characteristics that relate to the impact that a building’s operations will have on energy consumption, water consumption and carbon footprint; People, which measures characteristics that relate to the livability of a building via the tenant experience; and Profit, which measures not only the financial performance of the building but also the financial impact (fiscal and job creation) for the surrounding community.