Investors - MAY 23, 2018

L.A. Fire and Police allocates equity into three real estate funds

by Jody Barhanovich

The $22.4 billion Los Angeles Fire and Police Pensions has committed a total of $135 million to three real estate funds, according to board meeting documents.

The pension fund has invested $35 million in Unico Core Plus Partners, $50 million in Heitman Asia-Pacific Property Investors and $50 million in Almanac Realty Securities VIII.

Unico Core Plus Partners is managed by Unico Properties and is a core-plus fund that will invest in office properties throughout the United States.

Heitman Asia-Pacific Property Investors is managed by Heitman and is a non-U.S. focused real estate fund that follows a value-added investment strategy. The fund will invest in real estate investment opportunities in the Asia Pacific region, primarily in Australia, Japan, Hong Kong and Singapore, but will consider deals in China, South Korea and New Zealand as well. Investments may include a mix of traditional property types such as office, industrial, retail, and residential, as well as specialty property types such as self-storage, student housing and medical office.

Almanac Realty Securities VIII is managed by Almanac Realty Investors and is a value-added real estate vehicle that will make growth capital investments into real estate operating companies, often in a structured or debt format, primarily in the United States.

Los Angeles Fire and Police Pensions has a target allocation to real estate of 10 percent with an actual allocation of 8.7 percent, as of March 31, 2018.

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