Montana Board of Investments has doubled the size of its investment in Sterling Organization’s US grocery-anchored real estate fund to $60m (€51m).
The $20bn pension said in a meeting document that it has made an additional $30m commitment to the Sterling United Properties II. Montana Board of Investments issued its first $30m commitment to the mall fund in May of last year.
The Sterling United Properties II fund is seeking a $300m fundraise with a $425m hard cap target. The fund targets a 9% net internal rate of return.
Sterling Organization did not respond to a request for comment.
Montana Board of Investments said in the meeting document that it will also be considering adding more capital to its existing real estate investment trust exposure, without disclosing further details.
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