NORTH AMERICA – The Kansas Public Employees Retirement System (Kansas PERS) has approved a commitment of up to $40m (€29.5m) for the Exeter Industrial Value Fund III.
Returns for the commingled fund are projected to be a 10% gross unlevered IRR and a 13-14% levered IRR.
Exeter Property Group is shooting for a total equity raise of $675m for Fund III.
The fund only invests in industrial properties.
It can buy existing large and multi-tenant logistic properties in the US, but it can also develop new properties.
The fund will target assets located in the main distribution centres throughout the country.
Kansas PERS has set aside $295m for real estate investment this year. Its commitment to Exeter represents the first investment of that allocation.
The pension fund aims to invest $170m in core and $125m in non-core properties.
