PREDEX Interval Fund Approved to Roll Into USQ Core Real Estate Fund

Real estate-focused interval fund PREDEX announced the approval of a reorganization of the fund with and into the Union Square Capital Partners LLC-sponsored USQ Core Real Estate Fund. Union Square had acquired the management of PREDEX in August 2022. At the time, PREDEX had $163 million assets under management.

As of March 31, 2024, PREDEX’s AUM was $110 million, and USQ fund’s AUM was $148 million.

The latest reorganization is subject to certain closing conditions, as well as U.S. Securities and Exchange Commission approval of an information statement/prospectus describing the reorganization. If all goes according to plan, the reorganization is expected to close in August or September 2024.

Class I shareholders of PREDEX will receive Class I shares of USQ Core Real Estate Fund, and Class T and W shareholders will receive Class IS shares.

The PREDEX fund is a continuously offered closed-end interval fund that provides investors with access to institutional-quality private real estate. The fund invests at least 50% of its assets in members of the NFI-open-end diversified core equity, or ODCE, but also invests in institutional funds that are outside of the index. The underlying funds in which PREDEX invests own interests in more than 3,500 properties valued at more than $250 billion.

The USQ Core Real Estate Fund is a continuously offered closed-end interval fund that provides investors with access to institutional private real estate by investing exclusively in NFI-ODCE. NCREIF’s index requirements include only funds that focus on “core” private equity real estate. These funds utilize low leverage and invest primarily in stable U.S. operating properties with high occupancy rates, leased to tenants with high credit ratings.

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