The $216.9 billion State Board of Administration (SBA) of Florida has committed $75 million to a fund managed by Coldwell Banker Richard Ellis.
The fund is the closed-end, noncore Coldwell Banker Richard Ellis Asia Value Partners V. This manager is new to the pension fund.
The fund has a mandate to invest in Japan, South Korea, Singapore, Hong Kong, as well as Australia and New Zealand. CBRE Global Investors said it expects to invest more than half of the fund (60 percent) in Japan and up to 30 percent in China, its only exposure to developing markets. The firm’s Asia Pacific investments include the cities of Hong Kong, Melbourne, Seoul, Shanghai, Singapore, Sydney and Tokyo.
The fund will invest across a diverse number of real estate sectors, with at least 75 percent in logistics assets and/or projects.
The Townsend Group serves as SBA’s con
