Chicago Teachers commits $50m to industrial real estate
The Chicago Teachers’ Pension Fund has committed $50 million, divided between two commitments, to industrial focused real estate funds. Lion Industrial Trust, an open-end fund sponsored by Clarion Partners, received $40 million, and IC Berkeley Fund III, managed by Industry Capital, received $10 million. This was CTPF's first time investing with either manager.
Lion Industrial Trust, which launched in December 2002, targets industrial warehouse properties and land that it seeks to own, develop, manage and strategically sell.
IC Berkeley Fund III launched in April 2013 with a $125 million fundraising goal. The fund series targets multi-tenant industrial real estate in the United States and seeks to stabilize under-managed and under-performing properties.
“Both Clarion Par