North Carolina Retirement Systems has made $889m (€766.8m) worth of real estate investments through new commitments and a direct asset acquisition.
The pension fund disclosed in a board meeting document that it made two new non-core US real estate commitments worth $700m investment to a new discretionary separate account with RXR, giving the manager the mandate to deploy capital according to specific investment guidelines.
The RXR account comprises a $500m commitment structured as participating preferred equity investments in multifamily development projects, seeded with a $64.25m stake in a Phoenix development, and an additional $200m for diversified property projects in North Carolina.
The direct asset acquisition completed by North Carolina Retirement involved an $189m investment to acquire a 90% interest in the 492,000sqft Bloc83 office building in Raleigh. The pension fund’s partner Highwoods Properties contributed $21m for a 10% share in the acquisition.
Highwoods Properties has an option to eventually increase its interest in the property to 50%, according to the firm.
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