Los Angeles Fire and Police Pensions (LAFPP) has approved $120m (€100.1m) worth of commitments to industrial real estate funds managed by DWS and Exeter Property.
LAFPP said in a meeting document that it is investing $80m in the US focussed RREEF Core Plus Industrial Fund and has also issued a $40m commitment to Exeter Europe Logistics Value IV, a value-add fund seeking to raise €1.25bn.
Ray Ciranna, a general manager with the pension fund, told IPE Real Assets that the investment with DWS is the “first time we have invested with the manager and it will help us increase our industrial exposure in the market”.
The $28bn pension fund – which is planning to re-balance its existing core open-ended manager lineup – is funding the DWS investment by issuing the full $71.2m and $56.2m it holds in the Heitman America Real Estate Trust and the Jamestown Premier Property Fund core funds respectively.
The remaining $47.4m from the redemptions will be placed into the Principal US Property Account.
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