Publications

Investors - JUNE 24, 2014

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Kentucky commits $80m to noncore real estate

by Reg Clodfelter

The $15.6 billion Kentucky Retirement Systems has committed $80 million to noncore real estate, divided equally between Greenfield Acquisition Partners VII, managed by Greenfield Partners, and Lubert Adler Real Estate Fund VII, managed by Lubert-Adler.

“We’ve had a difficult time getting comfortable with the valuations in core, so we’ve been adding value-add and a lot of real estate–backed debt in our real estate program,” explains David Peden, chief investment officer with KRS.

Greenfield’s GAP VII, a value-added fund that launched in September 2013 with a $750 million fundraising goal, will target industrial, suburban office and student housing properties. The fund will focus on U.S. markets, but it will potentially invest in Europ

Forgot your username or password?