New York State Common Retirement Fund (NYSCRF) has added Bell Partners to its real estate fund manager lineup by making a $150m (€136.9m) commitment to the US multifamily real estate specialist’s latest value-add fund.
NYSCRF’s commitment to Bell Value-Add Fund VIII was part of the $1.3bn the vehicle raised at its recent final close. With leverage, Fund VIII has investment firepower of around $3.2bn.
The pension fund expects Fund VIII to invest in a mixture of mid to large-size apartment complexes. Fund VIII has already acquired the Bell Lansbrook Village complex in Palm Harbor, Florida as its firsyt asset.
NYSCRF said it has also acquired the Homestead Square shopping centre in Cupertino, California for $92.5m from Sobrato Organization.
The transaction was sourced as a separate account investment by MetLife Investment Management. The all-cash transaction is NYSCRF’s first separate account retail asset acquisition in Silicon Valley.
The grocery-anchored retail centre is currently 99.2% leased to 15 tenants.
To read the latest edition of the latest IPE Real Assets magazine click here.