Illinois commits $100m to core real estate
The Illinois Municipal Retirement Fund has committed $100 million in follow-on investments to core, open-end real estate, divided between two managers, according to Megha Kauffman, senior communications specialist with IMRF.
The retirement fund committed $70 million to AEW’s Core Property Trust. The fund,which launched in July 2007, invests in retail, multifamily, office and industrial properties across the United States. It may also engage in a limited amount of value-add investments not to exceed 15 percent of the fund’s capital. Leverage is capped at 30 percent loan-to-value. The fund already received a $125 million commitment from IMRF in June 2013, according to IREI’s FundTracker Database.
IMRF also committed $30 million to the Invesco Core Real Estate Fund USA after committing $150 million to the fund in 2010 and another $25 million in June 2013. The fund, whi