Ohio Bureau of Workers Compensation (BWC) is planning to make $150m (€138.6m) worth of real estate investments in 2024, tripling the pension fund’s previous year’s commitment, according to a meeting document.
Ohio BWC limited its 2023 real estate investments to a single $50m commitment made in the fourth quarter of the year to Focus Senior Housing Fund II, a non-core fund.
For the current year, Ohio BWC is considering backing a number of open-ended core-plus strategies including Hammes Medical Office Fund, AEW Essential Housing and PGIM Senior Housing Partners as well as other data centre and market rate apartment funds.
The core investment will be partly funded through a combination of new investments and the reinvestment of dividends from existing funds within the Ohio BWC portfolio.
For value-add real estate investments, Ohio BWC intends to make $100m worth of commitments.
Ohio BWC will consider the Fairfield V and Rockbridge IX funds for market-rate apartments and hotels respectively and will also consider placing capital into alternative property types like self-storage, manufactured housing, and real estate debt.
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