Asana's retail-only property fund gets further backing from US pension funds
Asana Partners, set up in 2015 to invest exclusively in retail real estate in the US, has received an additional $100m (€86.4m) from two US pension funds.
Tennessee Consolidated Retirement System (TCRS) told IPE Real Assets that it had committed $65m to the fund, which is seeking a total of 800m. Los Angeles City Employees’ Retirement System also said in a board meeting report that it made a $35m commitment.
As previously reported New Mexico State Investment Council also approved a $75m commitment to the fund.
TCRS said the fund will buy mispriced, urban-infill retail assets before improving them.
The pension fund has also put up for sale a 67-unit apartment complex in Arlington, Virginia for an undisclosed sum. The pension fund bought the asset in 2015 via a separate account managed by DWS for $29.2m.