Eldridge Industries, a private equity firm controlled by billionaire Todd Boehly, has inked a deal with AECOM Capital to invest about $3B in U.S. commercial real estate over the next five years, Bloomberg reports, citing anonymous sources familiar with the matter.

Eldridge Acre Partners, the new investment entity, will partly target distressed properties, including unfinished developments that are short on capital in the tight capital markets environment, EAP CEO Warren Wachsberger told Bloomberg.

“Investments made during times of distress like the one we’re currently experiencing tend to outperform, and we’re in position to capitalize on some of the distress,” Wachsberger said.

EAP will consider taking subordinated equity positions or making standard equity investments. Target property types will include industrial, student housing and mixed-use developments.

EAP will also manage AECOM Capital's existing assets, which total roughly $1B. AECOM Capital, which invests in real estate and infrastructure projects, is the investment arm of multinational infrastructure specialist AECOM.

Eldridge Industries' holdings are wide and varied, including more than 100 companies and assets, such as the Beverly Hilton, fintech company Stash, sports betting platform DraftKings, the Los Angeles Dodgers, Bruce Springsteen’s song catalog and annuity specialist Security Benefit Life.

Forbes puts Boehly's net worth at about $6.1B.

Recently, UK-based Cain International merged with real estate investment firm Blackbrook Capital, both of which are part-owned by Boehly, who is also a part owner of Chelsea FC.