The Florida State Board of Administration (SBA) has invested $651.4m (€633.9m) in various speciality property types through a combination of acquisitions and new commitments.
The pension fund disclosed in a meeting document that it has committed $150m for a 98% stake in a new US student housing joint venture with Stockbridge and Landmark Properties as managers.
Florida SBA said it also completed two additional student housing transactions with Stockbridge and Landmark involving a $96.6m recapitalisation of the 602-bedroom Retreat East in Orlando and the $51.7m acquisition of the 416-bed Retreat Tampa at USF, an off-campus housing complex near the University of South Florida.
The pension fund invested $150m in the Carlyle Property Investors fund, a core-plus open-ended vehicle focused on sectors including life sciences, manufactured/student housing, single-family rentals, medical offices and active adult communities. It also committed $150m to the Principal Data Center Growth & Income Fund, a non-core opportunistic data centre fund.
Florida SBA invested $53.1m in two medical office assets via Montecito III, a core US real estate joint venture relationship managed by Heitman Capital Management with Montecito Medical as an operating partner.
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