New York State Common Retirement Fund (NYSCRF) has acquired $113.8m (€110.4m) worth of industrial assets in the US through two separate deals.
The pension fund said it invested $70.2m to acquire the 316,000sqft Exchange Circle property in Dallas through a separate account with JP Morgan Asset Management, and $43.6m for a 233,818sqft building in Raleigh, North Carolina’s Apex Commerce Center, via a separate account with LaSalle Investment Management.
NYSCRF told IPE Real Assets that the Exchange Circle asset is located in the “high growth MSA of Dallas-Fort Worth, and specifically in the attractive DFW Airport submarket. The buildings are a short drive from two highways that place most of the population of the MSA within a one-hour drive.”
The Exchange Circle property comprises two fully-let warehouses that were constructed in 2022. JP Morgan declined a request for comment.
The Apex Commerce Center, which is also leased, was completed in 2023.
NYSCRF also added to its real assets portfolio by committing $250m to the Oaktree Power Opportunity Fund VII fund.
The pension fund said Fund VII “is a good addition to real assets because it pursues a differentiated strategy by investing in middle market companies that focus primarily on providing product and services to owners of critical infrastructure”.
As previously reported, Fund VII, managed by Oaktree Capital Management, targets investments in electric power, natural gas, water and other related businesses.
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