State of Wisconsin Investment Board (SWIB) has bought a 20% stake in a US self-storage portfolio via a Heitman managed co-investment vehicle.
The pension fund said in a board meeting document that it invested $150m (€129m) – as part of a total of $520m real estate commitments made during the third quarter of the year – with Heitman Storage Partners Co-Investment.
SWIB told IPE Real Assets that it decided to invest in self-storage assets due to their strong income returns and low capital expenditures.
The $117bn pension fund’s board meeting report also stated that, through a separate account managed by DWS, it invested $170m for a 75% stake in an 825,000sqft office building at 235 East 42nd Street in New York City.
SWIB said $100m was put towards a new separate account with Security Capital Research & Management known as Security Capital Liquid Core Account to target core US properties.
A $100m commitment was made to the Torchlight Debt Opportunity Fund VI. As reported previously, Torchlight Investors is seeking to raise $1.5bn for the real estate debt fund.
SWIB said it has nine other potential commitments under review totalling just over $1bn. The largest is a $300m commitment to an opportunistic US real estate fund.
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