The State of Wisconsin Investment Board (SWIB) has invested in New Orleans real estate for the first time.

The pension fund made a $130m (€115m) investment in the Shops at Canal Place scheme through O’Connor Capital Partners.

SWIB said the 260,000 sqft property was a unique asset with strong tenancy, including Saks Fifth Avenue and Tiffany & Co. 

The asset is 96% occupied.

The mall was bought with debt and equity for an undisclosed amount.

SWIB has $690m of potential new real estate commitments in its pipeline, according to a board meeting document.

Investments could be through a mixture of funds and a joint venture, with most of the strategies focusing on the US.

The largest of the pipeline commitments is a $200m allocation to a core retail-focused fund.

SWIB is looking at a single opportunistic fund for a $150m commitment.

Another commitment of the same size would be placed into a fund targeting value-add opportunities in the student housing sector.

A $100m commitment is also being considered for a value-add apartment fund.

The only joint venture in the pipeline is for $90m to be invested in US industrial properties.