Illinois Municipal invests $210m in real estate
The $34.8 billion Illinois Municipal Retirement Fund has committed $210 million to two real estate funds, according to John Krupa, communications manager.
The pension fund committed $100 million to Blackstone Real Estate Debt Strategies III. The real estate debt fund managed by The Blackstone Group has a similar strategy to its predecessor, Blackstone Real Estate Debt Strategies II, which invested in mezzanine loans and whole loans. The fund recently received a committed from the Dallas/Fort Worth International Airport Board.
The pension fund additionally committed €100 million ($110 million) to Ares European Property Enhancement Partners II. The value-added real estate fund managed by Ares Management targets property investments primarily in the United Kingdom, Germany and France.
IMRF has an 8 percent targ