Washington State Investment Board (WSIB) is investing $750m (€711.8m) in real estate operating companies through its existing partner Calzada Capital Partners.

The pension fund told IPE Real Assets that it approved the follow-on commitment to Calzada because the manager “has a strong and effective team engaged in attractive strategies in the US, Latin America and Australia”.

WSIB has so far issued $5.6bn worth of commitments to Calzada. The relationship represented 20.7% of WSIB’s real estate portfolio as of the end of last year.

WSIB said real estate operating companies are an attractive structure as it gives the pension fund a high degree of controlling interest and hand-picked professional teams.

“This approach is best achieved with large scale plus a strong internal team for oversight.”

Previous investments made by Calzada include investing in US manufactured housing firm Hometown America and a Chilean self-storage real company AKI KB. Calzada has also invested in French Polynesia resort owner Pacific Beachcomber and Pittman Industrial in Australia.

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