Deals
Oaktree, Reef Technology Launch $300 Million Property Fund
- Neighborhood Property Group will buy U.S. real estate assets
- SoftBank-backed Reef is separately exploring a capital raise
Photographer: Michael Nagle/Bloomberg
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Reef Technology Inc., a startup that manages hubs in parking lots used for food delivery and other services such as Covid-19 testing, launched a $300 million fund in partnership with Oaktree Capital Management LP.
Reef and Oaktree’s infrastructure arm have formed the Neighborhood Property Group to acquire strategic real estate assets, the companies told Bloomberg News on Monday. The new business will partly target areas experiencing population booms after people left cities such as New York and San Francisco because of the pandemic.