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El Paso pension fund commits to core real estate

by Reg Clodfelter

The El Paso City Employees’ Pension Fund has committed $35 million to Heitman American Real Estate Trust, an open-end core fund managed by Heitman, confirms Patricia Hickman, deputy pension administrator with the pension fund. This is EPCEPF’s first ever commitment with Heitman.

The fund launched in 2006 and targets a wide range of property types including multifamily, office, retail, industrial and self-storage. It primarily targets properties in the United Sates, though up to 10 percent of the fund’s capital may be invested in Canada.

Though it is primarily a core fund, up to 15 percent of the fund may be invested in value-add properties. No more than 15 percent of capital will be used on a single property, and leverage will be capped out at 30 percent. The fund’s targeted gross returns are NCREIF plus 100 basis points over a rolling five-year period.

The fund received

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