By Muskan Arora
The $166.4bn State of Wisconsin Investment
Board has added two new managers to its real estate roster, as a part of four
new RE investments of $288m in total.
The system committed $110m to Bridge
Logistics Group’s Value Fund II, a non-core fund, which focuses on acquiring,
developing and operating logistics assets in key US gateway markets.
Secondly, SWIB allocated $50m to
FifteenFortySeven Critical Systems Realty’s 1547 Data Center Fund III.
The non-core fund aims to acquire existing data
center assets and explore build-to-suit developments, as per the recent meeting
materials.
The 1547 Data Center fund aims to raise $300m, with a
target of gross internal rate of return of 20%.
Additionally, SWIB has also added a real
estate debt bucket to its portfolio, allocating $100m to Berkshire Bridge Loan
Investors MF1 III. The fund aims to provide bridge loans to various US
residential assets.
Further, the pension plan has also
committed an additional $28m to WESCO V, an existing US West Coast core
apartment joint venture with Essex Property Trust.
The board meeting materials also suggested
that the board is considering a $150m allocation to a US specialty non-core RE
fund. If approved, this would be a new relationship for the system.
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