The $150.1 billion New York State Common Retirement Fund has committed $200 million to AREA European Property Enhancement Program, a value-added strategy program managed by AREA Property Partners. The program invests in properties primarily in Western Europe.
New York Common and AREA Property have a long-standing investment partnership. Many of their ventures focused on asset repositioning, redevelopment and change of use for underutilized assets throughout New York state.
New York Common already has exposure in European real estate through its Shurgard venture, managed by Heitman, which acquires, develops and operates a self-storage portfolio in Europe.
New York Common had a real estate portfolio valued at $9.4 billion, as of March 31, 2012.
