Acadia Forms 2nd RE Fund

Acadia Realty Trust, a White Plains, N.Y.-based retail investor, has reported the formation of a second acquisition fund with $300 million of committed capital.The real estate investment trust, an investor in properties that are anchored by grocery and "value-oriented" retail, said it expects the fund to be able to acquire up to $900 million in assets, with the use of debt funding. The investors in Acadia's first fund, along with two other institutional investors, are investing $240 million in this second fund, while Acadia is investing $60 million, the REIT said. Acadia will get a fee for managing the fund, in addition to a return on its invested equity. Kenneth F. Bernstein, Acadia's president and chief executive officer, said the fund will allow the REIT to "fuel our future growth independently of the increasingly volatile public markets."