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Investors - MAY 3, 2021

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Florida invests $100m in CBREGI’s Japan co-investment vehicle

by Kali Persall

The State Board of Administration (SBA) of Florida has disclosed that the Florida Retirement System (FRS) Trust Fund committed $100 million to the CBRE AVP V Japan CO, a pooled real estate fund managed by CBRE Global Investors (CBREGI).

The investment closed in the first quarter of 2021.

CBRE Global Investors closed its Japan Logistics Co-Investment vehicle with $265 million of equity commitments in March. The co-investment vehicle is part of the CBRE Asia Value Partners V fund (AVP V), which targets logistics development projects in Japan.

Four logistics development projects, located in popular logistics destinations within Greater Tokyo and Fukuoka, have already been identified and approved for investment, according to CBRE.

As of April 30, Florida SBA had an estimated $245.8 billion of assets under management, and the estimated value of the FRS Trust Fund was $193.

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