State of Wisconsin Investment Board (SWIB) has added two new managers to its real estate programme, committing $110m (€106m) to Bridge Logistics Group’s Value Fund II and $50m to FifteenFortySeven Critical Systems Realty’s 1547 Data Center Fund III as part of four new real estate investments worth $288m in total.
According to SWIB’s board meeting document, the non-core Logistics Value Fund II fund will acquire, develop and operate logistics assets in key US gateway markets. Bridge Logistics did not respond to a request for comment.
The FifteenFortySeven fund, also non-core, plans to acquire existing data centre assets and explore build-to-suit developments, according to sources. The 1547 Data Center Fund III fund aims to raise $300m, targeting a gross internal rate of returns of 20%.
SWIB has also added a real estate debt fund to its portfolio, committing $100m to Berkshire Bridge Loan Investors-MF1 III, a fund that provides bridge loans for various US residential assets.
SWIB has committed an additional $28m to WESCO V, an existing US West Coast core apartment joint venture with Essex Property Trust.
According to the board meeting document, the pension fund is also considering a potential $150m commitment to a US speciality non-core real estate fund. If finalised, this would be a new investment relationship for SWIB.
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