Westcore Properties Secures Additional Investment of up to $337.5 Million from Almanac Realty Investors

November 1, 2016 – San Diego - Westcore Properties ("Westcore") announced today that it has entered an agreement with a fund managed by Almanac Realty Investors LLC ("Almanac"), under which the fund has committed to provide up to $337.5 million of growth capital to Westcore. Including an investment of $197.7 million made in 2011 by a prior fund, funds managed by Almanac have committed to invest up to $535.2 million of capital in the aggregate into the Westcore platform.

Based in San Diego, CA, Westcore is a vertically-integrated real estate company that pursues an investment strategy involving the acquisition, management, leasing, repositioning, and development of industrial and office properties primarily in the Western U.S. The company is led by a seasoned management team, including Founder & Chairman Marc Brutten and President & CEO Don Ankeny, each with over 30 years of experience in the commercial real estate sector. Marc Brutten stated, "It's gratifying to keep our team and exceptional board together for the long term. Their combined financial expertise has proven to be invaluable in the acquisition process and has contributed to our company's outsized returns."

Don Ankeny, Westcore's President and CEO, said "The Almanac professionals are astute capital investors who have contributed greatly to Westcore's success. We are thrilled to be extending and expanding our relationship with Almanac." The fresh commitment of capital will be used by Westcore to fund new "value-add" industrial and office investments and provide further growth of the organization. Since obtaining the additional commitment, Westcore has closed or placed under contract 2.4 million square feet of properties, representing $172.0 million of gross value.

"Westcore is a strong vertically-integrated company of seasoned real estate professionals with a 30-year track record of providing exceptional returns to its investors" said Andrew Silberstein, Partner at Almanac, which manages a series of investment funds and is a leading provider of growth capital to private and public real estate companies. "Over the past five years we have experienced firsthand the high caliber and character of this management team, and we are pleased to support the next phase of Westcore's expansion."