Los Angeles City Employees Retirement System is investing in European logistics real estate through an EQT Exeter fund.
The pension fund disclosed in a board meeting document that it has approved a $43.4m (€37m) commitment to EQT Exeter Europe Logistics Value Fund V.
As previously reported, EQT Exeter is seeking to raise €2.5bn for its latest value-add fund.
The previous fund in the series, EQT Exeter Europe Logistics Value Fund IV, closed at its €2.1bn hard cap in July 2021.
The fund expects to acquire fully occupied, single-tenant logistics assets with existing cash flow in order to minimise the risks associated with vacant properties and the time needed to secure new tenants.
Fund IV will target big box, mid-box and last-mile facilities.
The portfolio breakdown of EQT Exeter’s European logistics fund series is currently 45% big box, 41% mid-box and 14% last-mile assets.
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