Massachusetts Pension Reserves Investment Management Board (Mass PRIM) is progressing with its plan to invest in specialist property types, approving a $200m (€168.3m) commitment to a life science co-investment venture with Blackstone.
The pension fund said in a meeting document that, subject to completing its due diligence, it will commit the capital to Blackstone Property Associates, a venture which holds a US portfolio of life science properties owned by Blackstone.
Once finalised, the relation will represent Mass PRIM’s first real estate investment with Blackstone.
Mass PRIM declined a request for further comment as it told IPE Real Assets it signed a non-disclosure agreement with Blackstone regarding the investment details. Blackstone also declined a request for comment.
In February this year, IPE Real Asset reported that Mass PRIM plans to invest up to $1.6bn estate this year. Part of the plan involved increasing its investment pipeline in specialist property types, such as life science-focused office buildings and senior housing.
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