State of Wisconsin Investment Board (SWIB) is to invest in a US real estate debt fund managed by Heitman.
According to a board meeting report, SWIB has agreed to commit $100m (€86.7m) to Heitman Construction Finance.
The real estate debt investment will form part of SWIB’s non-core real estate holdings, which account for about a third of its overall real estate portfolio.
The pension fund declined to provide further details and Heitman declined to comment.
SWIB has also committed $100m to LMI Wilson Retail JV, a joint venture to invest in core retail assets in the US managed by Last Mile Investments.
The firm, which did not respond to a request for comment, is a new a real estate fund manager for SWIB.
Another $100m was committed to AKRA/Wilson Joint Venture, which will see Arctos Partners, part of KKR, invest non-core US real estate on behalf of SWIB.
SWIB also has $305m worth of potential commitments to real estate strategies under review by its investment staff. These include $100m commitents to non-core senior housing funds.
The other two potential commitments have a co-investment structure and would see the pension fund invest $80m in core retail and $25m non-core industrial.
