Nevada Public Employees’ Retirement System (PERS) has kicked off its fiscal year 2027 acquisitions programme for its separate account manager AEW Capital Management with two industrial acquisitions totaling $127.5m (€113.8m).
The pension fund disclosed in a board meeting document that it acquired Park 91, a newly built 278,825sqft industrial asset in Tolleson, Arizona, for $71.5m from Martens Development. It also paid $56m for the Manatee Logistics Center in Bradenton, Florida, a 375,801sqft facility constructed in 2024 that is currently 75% leased.
The deals form part of four to six separate account acquisitions targeted by AEW for Nevada PERS in fiscal year 2027, which began 1 July. The manager expects total equity deployment of $400m to $500m for the period, according to the document.
Nevada PERS plans to maintain its overweight allocations to industrial and multifamily assets, while targeting an equal-weight to slight overweight position in retail.
AEW will continue to monitor the self-storage sector for opportunities to build a portfolio weighting in line with the NCREIF Property Index.
The manager will also selectively consider office investments, targeting newer, well-leased assets with strong tenant rosters to capture higher risk-adjusted returns.
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