Arizona PSPRS to commit up to £80m to real estate fund

The $8.3 billion Public Safety Personnel Retirement System of the State of Arizona will allocate up to £50 million ($61.3 million) for direct investment, with a reserve allocation of up to £30 million ($36.8 million) for purposes of co-investment, to Clearbell Fund III, according to board-meeting documents. The potential investment is subject to final staff and legal due diligence.

The closed-end Clearbell Fund III opened in first quarter 2017 and follows a value-added investment strategy. The fund will invest in office properties throughout Europe. The fund seeks to raise £400 million ($490 million) in equity commitments.

The fund’s predecessor, Clearbell Property Partners II fund, raised £400 million ($490 million) in 2014. The firm acquired the 130,000-square-foot Belgrade Plaza, amixed-use asset in the United Kingdom, comprising residential and leisure elements, for £16 million ($19.6 million) in November 2016. The asset is located in the center of Coventry,