Manhattan-based real estate investment firm, Praedium Group, has raised $700 million for a fund to buy mid-sized properties throughout the U...

Manhattan-based real estate investment firm, Praedium Group, has raised $700 million for a fund to buy mid-sized properties throughout the US. Its original goal was $500 million. The fund, Praedium Fund VI, will be leveraged to acquire more than $2 billion in real estate assets over the next two to three years. The fund is one of the largest targeting the market for mid-size properties in the US, according to Russell Appel, president of Praedium. The company, which buys office, residential and industrial buildings, plans to invest in assets in the $10 million to $70 million range and typically targets properties on the east and west coasts of the US. The firm was founded in 1991 and has more than $4 billion in total investments comprising 38 million square feet of commercial space and 33,000 multi-family units.