L&B Realty Advisors is to stop accepting new commitments to its open-ended core real estate fund.
The fund manager confirmed to IPE Real Assets that it would focus on selling some of the assets in the L&B Core Income Partners to cover redemption requests.
According to a report by The Townsend Group to the San Antonio Fire and Police Pension Fund, which has $42.7m (€38.6m) invested in the fund, assets are being sold and capital distributed to limited partners as apart of a restructuring exercise.
Three assets have been sold: an industrial property in Southern California was acquired by Rexford Industrial for $66m; the First and Stewart office building in Seattle went to DWS for $53m, and an office in Plano, Texas was sold to Equus Capital Partners for $82m.
The assets to be left in the fund include properties in St Louis, Boston and Denver, according to a statement from the L&B.
L&B declined to comment on the value of the remaining assets or the size of the redemption requests.