NORTH AMERICA – The State of Wisconsin Investment Board is planning to add $330m (€245.6m) to its real estate portfolio.
The commitments included $150m into the Prologis US Logistics Fund, $100m into the CASA Partners VI and $80m into the ASB Allegiance Real Estate Fund.
The commitments with Prologis and ASB represent new relationships for SWIB, while the investment with CASA Partners VI is a follow-on commitment.
The $4.2bn US Logistics Fund is a core to core-plus, open-ended fund managed by Prologis.
The fund invests in industrial properties in the US, focusing on Seattle, San Francisco, Los Angeles, Chicago, Dallas, Houston, New York/New Jersey, Baltimore/Washington, DC, Atlanta and South Florida.
The investment strategy involves buying existing properties; some of the transactions will be to add value by leasing up the empty space, repositioning or buying a property with land for future expansion.
The US Logistics Fund now has an entry queue of $100m, while its leverage component is 40.9%.
CASA Partners VI is a commingled fund managed by Henderson Global Investors that invests in apartments in the US.
All of the assets will be properties financed by tax-exempt bonds.
The Allegiance Real Estate fund is a commingled fund managed by ASB Real Estate Investments, a division of ASB Capital Management.
It is a core, open-ended fund with gross assets of $3.58bn.
In the third quarter, the fund, which only invests in the US, raised a total of $294m in client capital, with contributions from 18 new and five existing investors.
The fund’s portfolio is split up into 39.9% office, 20.6% retail, 19.6% residential, 18% industrial and 1.9% land.
Its two biggest regions for assets are 32.4% in the Northeast and 20.8% in the Pacific.