Illinois Municipal invests in European core real estate
The $34.7 billion Illinois Municipal Retirement Fund committed a total of €125 million ($140 million) to three European open-end core real estate funds on Aug. 26.
The pension fund approved commitments of €50 million ($55 million) each to CBRE Global Investors Pan European Core Fund, sponsored by CBRE Global Investors, and Invesco Real Estate European Fund, sponsored by Invesco Real Estate. In addition, IMRF allocated €25 million ($28 million) to Cornerstone Real Estate Advisers’ European Core Fund.
The pension fund had a 5.4 percent actual allocation to real estate as of June 30, with a target allocation to the asset class of 8 percent.