CapMan Actual Property expects to shut its third Nordic value-add fund within the present quarter, based on an investor’s assembly doc.
The Los Angeles County Staff Retirement Affiliation (LACERA) mentioned it has accredited a €75m dedication to the CapMan Nordic Actual Property Fund III fund, an funding the pension fund expects will permit it to proceed to build up its international real estate portfolio.
On a long-term foundation, the LACERA needs its worldwide actual property portfolio make up 15% of its whole actual property portfolio. The newest dedication to CapMan lifts LACERA’s 9.4% actual property portfolio to 11.1%.
Amit Aggarwal, an funding officer with LACERA mentioned in a gathering doc that the CapMan Nordic Actual Property Fund III fund’s exhausting cap goal was elevated final yr from €425m to €550m.
LACERA additionally disclosed it has accomplished the sale the 392-unit Instrada Nomad advanced in New York Metropolis to International Holdings Administration for $381m (€314m).
John McClelland, principal funding officer in actual property for LACERA, informed IPE Actual Belongings that “this sale is a part of the strategic resolution to cull the true property portfolio of many of the particular person separate account property that exceed $100m (€82.8m) in internet fairness worth.
“The rationale for this resolution was to lower danger by decreasing particular person asset publicity, preferring as a substitute to diversify extra.”
The pension fund acquired the residence advanced in December 2012 for $301m.
To learn the digital version of the most recent IPE Actual Belongings journal click on here.