Florida-based pension invests $20m in core-plus fund
The $658 million Tampa (Fla.) General Employees Pension Fund has committed $20 million to Blackstone Property Partners, an open-end core-plus real estate fund managed by The Blackstone Group.
Blackstone Property Partners targets office, multifamily, industrial and retail properties. It can make acquisitions in the United States and Canada, but will likely focus on top-tier markets, such as Boston, Los Angeles, New York City, San Francisco, and Washington, D.C. Blackstone’s core-plus investments outside the United States will be done through other investment vehicles, including separate accounts.
Blackstone Property Partners launched in July 2014. In 2015, the fund acquired Manhattan’s Stuyvesant Town–Peter Cooper Village apartment complex in a $5.3 billion deal.
The core-plus fund will target a 9 percent to 11 percent net IRR (with approximately 50 percent of the total return generated through current income) by targeting undermanage