New York State Common Retirement Fund (NYSCRF) is investing $50.8m (€46.3m) to buy a multi-storey housing development in the southeastern US in a forward purchase deal.
The pension fund said it had bought the 120-unit Martinique townhome development project in Sarasota, Florida as part of a separate account with JP Morgan Asset Management.
According to NYSCRF, the forward purchase structure, which requires the developer to complete the construction of units and deliver them to the pension fund over time, provides a timing benefit, as the NYSCRF “pays for the townhomes only as they are delivered by the developer and ready to lease to tenants”.
The project, being developed by Bozzuto, is expected to complete later this year.
JP Morgan did not respond to a request for comment.
NYSCRF said it has added Redcar Properties and GreenPoint Real Estate Partners as new managers to its emerging manager programme for its real estate portfolio.
The pension fund has made a commitment of up to $15m to Redcar Fund II and the sidecar fund Redcar Austin Opportunities Fund. Fund II, which seeks to raise $500m to invest in Los Angeles, will focus on acquiring underperforming properties and redeveloping them into creative office assets.
NYSCRF has committed $20m to the GreenPoint TVP Partnership that will invest in US truck storage lots. The pension fund has also placed $10m into GreenPoint REPE Fund I to invest in truck storage companies and platforms with associated services.
NYSCRF said it also issued $15m to existing emerging manager Grandview Property Partners by making a commitment to the Grandview Fund II fund.
Grandview invests in middle-market US industrial and residential assets.
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