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Announcement of Final Closing of Pacific Rim Properties XIX

August 2, 2022

Pacific Rim Properties XIX, LLC (“PRP19”), Chenco’s newest sponsor equity fund focused on U.S. value-added real estate, is pleased to announce its final closing on June 30, 2022. Despite difficult circumstances imposed by the COVID-19 pandemic, including strict international travel and quarantine protocols, the fund closed with total commitments of $36 million. While PRP19’s expected lead investors were unable to consummate their investments due to extended travel restrictions in Greater China and East Asia, we are nonetheless truly humbled by the confidence of our new and existing investors and excited by the fund’s strong pipeline of projects. Chenco Group expects to acquire over US$3 billion real estate assets in the coming 24 months. 

Since its first acquisition in April 2021, PRP19 has invested in 20 properties across four States, and has committed to thirteen additional properties. This diversified portfolio of value-add and opportunistic projects is spread across regions with tremendous market fundamentals and is well-positioned to grow in value through thoughtful renovations, development and/or improved management. Looking ahead, we aim to continue methodically identifying value creation opportunities for PRP19 and delivering higher-than-market, risk-adjusted returns to our investors.

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