The New York State Common Retirement Fund (NYSCRF) has disclosed making $370m (€346.1m) worth of industrial real estate investments.
NYSCRF said it has made a $300m commitment to Lion Industrial Trust, an open-ended core-plus industrial fund managed by Clarion Partners, and invested $70.1m through a separate account with Heitman to buy the 539,094sqft Rickenbacker West Logistics Center in Lockbourne, Ohio.
The $280bn pension fund told IPE Real Assets that it was attracted to the Clarion Partners fund due to “the strength of the sponsor and the compelling fundamentals within the industrial sector.” Clarion Partners declined a request for comment.
Commenting on the Rickenbacker West Logistics Center deal, NYSCRF said the acquired property gives the pension fund a direct investment exposure to the Columbus industrial market, “one of the top US industrial markets”.
The investment strategy for the Heitman account is to acquire core assets that complement the existing NYSCRF real estate portfolio, particularly in the industrial, multifamily and alternative sectors, the pension fund said.
NYSCRF said it has also made a €200m commitment to the Copenhagen Infrastructure IV Co-invest vehicle to target renewable infrastructure assets and a $200m commitment to the Oaktree Power Opportunities Fund VI fund.
Oaktree Capital’s power opportunities strategy invests in companies that provide products and services that support energy and utility infrastructure.
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