NORTH AMERICA – The Washington State Investment Board has earmarked another $250m (€190m) for real estate, which it will invest using Calzada Capital Partners.
The strategy will be to make entity-level investments in real estate operating companies (REOCs) located in the Americas, including Mexico and the US.
To date, Washington State had invested and overseen many of its REOC investments in-house.
The pension fund has now transferred its investments in four REOCs to Calzada.
Each of the companies transferred to Calzada – Hometown America, Corporate Properties, Terramar Retail Centers and PBSC – focuses on a different property type.
Hometown America is a Chicago-based manufactured housing firm, while Corporate Properties of the Americas owns, develops and manages industrial properties in Mexico.
Terramar Retail Centers owns retail properties on the West Coast, and PBSC is an owner of hotels and resort properties in French Polynesia.
Washington State has a real estate portfolio valued at $8.8bn, as of the end of September.
The portfolio represents 13.7% of the pension fund's $65.4bn of total plan assets.
