Brentwood-based GPI Cos. received $300 million equity commitment from one of the largest state pension systems, the company announced Aug. 8.
GPI wouldn't name the pension fund, but said the fund's total investment in GPI is $500 million, and the company now has more than $1 billion in assets under management.
GPI will use the latest infusion of money on mixed-use properties, multifamily housing, creative and medical offices, and industrial and retail conversions.
“This substantial second-round capital investment from one of the country’s leading public retirement funds is a testament to GPI’s ability to unlock value and generate attractive long-term returns for our institutional investors,” said Lee Wagman, a managing partner at GPI, in a statement.
Some of the group’s current projects include 9001 Santa Monica Blvd., an 80,000-square-foot mixed-use redevelopment; NoHoWest, a mixed-use development on nearly 25 acres at 6180 Laurel Canyon Blvd.; and a 12,000-square-foot retail center at 11770 San Vicente Blvd. in Brentwood.
In July, GPI Cos. announced it sold the retail portion of a mixed-use complex, called the Burbank Collection, in Burbank for $27 million.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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