Oregon Public Employees Retirement Fund (PERF) intends to invest between $500m and $1bn (€458.9m and €917.9m) in real estate in the current year, the Oregon Investment Council (OIC) disclosed in a board meeting document.
As part of the pacing plan for 2024, Oregon PERF expects to make up seven commitments each ranging from $100m to $250m.
Oregon PERF’s targetted investment for 2024 might not be fully met.
In 2023, the pension fund’s real estate pacing during the period was set at between $700m and $1.1bn, but the board meeting documents showed they only committed $550m, which includes an investment finalised in January 2024 via an existing separate account with Regency Centers.
Regency Centers, a US shopping centre real estate investment trust, told IPE Real Assets: “We appreciate our long standing and successful partnership with the Oregon Public Employees Retirement Fund and we look forward to continuing the relationship in the future.”
Oregon PERF is the main investor in the separate account relationship known as Columbia Regency Retail Partners with it having an 80% ownership stake alongside Regency Centers.
The separate account, which acquires core shopping centres throughout the US, targets assets like grocery-anchored shopping centres and necessity-oriented retail.
The relationship, which started in 2000 had a $550.4m portfolio as of the end of September 2023, producing an internal rate of return of 10.98%.
The OIC declined a request for further comment.
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