Alaska Retirement Board plans to invest $200m in BlackRock core property fund

Alaska Retirement Management Board (ARMB) plans to invest $200m (€163m) in an open-ended core real estate fund managed by BlackRock.

Neither the pension fund nor BlackRock commented but a board meeting report names the BlackRock US Core Property Fund.

ARMB is already invested in two other open-ended core funds. It has $250m invested in the JP Morgan Strategic Property Fund and $202m in the UBS Trumbull Property Fund.

The BlackRock fund was launched in 1981 and reported a net asset value of $1.8bn at the end of 2017.

It has 31 assets in the office, industrial, retail and apartment sectors. According to the board meeting report, the fund has 93.9% vacancy rate and leverage ratio of 27%.

BlackRock said there was potential to capitalise on rental growth in the porfolio with the average in-place rents 9.1% below the market average.

Related images

  • Apartments

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2519

    Asset class: Fund wrapper.
    Asset region: Global.
    Size: EUR 80m.
    Closing date: 2019-03-29.

Begin Your Search Now