Los Angeles County Employees Retirement Association has added $513m (€376.2m) of new investment to its real estate portfolio.
LACERA, which has a real estate portfolio valued at $4.5bn, paid off a credit line on a single-family housing investment. The fund said that the decision to accelerate payoff of the loan, which had a face value of $300m, results in a $74m loss. Future payments would have totaled $226m.
The pension fund also made five commitments totaling $213.5m to separate accounts in the US. LACERA has 86% of its portfolio in separate accounts and 14% in commingled funds.
Two of the properties were apartments, in which LACERA respectively invested $76.6m and $48.6m via Stockbridge Capital Group and Invesco Real Estate.
Also with Stockbridge, LACERA bought a shopping centre in the Mideast for $46.3m. Through Heitman, the pension fund also bought a student housing complex in the same region for $10.8m.
LACERA completed one debt transaction with a $31.1m loan on an office complex in mideast US through Cornerstone Real Estate Advisers.
The new investments were offset by $66.4m in property sales. The fund sold five retail properties and one apartment complex managed by Emmes, Deutsche Asset & Wealth Management and Invesco.