Michigan Retirement takes full ownership of Simpson Housing
State of Michigan Retirement System has confirmed it has taken full control of the Simpson Housing portfolio by acquiring the 50% it did not already own and is also investing $244m (€199m) in data centres.
In February, IPE Real Assets reported that Alaska Permanent Fund Corporation (APFC) has sold its stake in Simpson Housing to an undisclosed buyer.
APFC acquired its 50% interest in the residential developer and manager in 2006.
Michigan Retirement, which has held an interest in Simpson Housing since 1995, said in its meeting document that it paid $1.45bn for the other 50% stake, to become the owner of one of the largest privately-owned apartment manager in the US.
The assets, with a total of 55 apartments, are spread out across the US.
The pension fund also said it planned to invest in data centres through a separate account managed by Principal Real Estate Investors.
According to industry sources, data centres have become more popular with institutional investors as more technology-type tenants seek space in data centres.
Michigan Retirement also said it will commit $10m to Alidade Capital’s Fund IV, which targets value-add flexible office buildings and industrial properties in secondary markets.