Acadia Realty Trust, a White Plains, N.Y.-based real estate investment trust, has reported the formation of a third discretionary investment fund with $500 million of discretionary institutional capital.The retail REIT said it expects the fund to be able to acquire or develop up to $1.5 billion in assets on a leveraged basis. The fund is expected to consist of 13 institutional investors, including all the investors from the previous funds, the REIT said. The existing investors and seven new members will invest a total of $400 million of equity, and Acadia will invest $100 million.

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