LA Fire & Police commits $100 million to value-add offices
The approximately $18 billion Los Angeles Fire & Police Pensions has committed $100 million to value-add office strategies, divided equally between Unico Partners I, managed by Unico Properties, and Savanna Real Estate Fund III, managed by Savanna Partners.
“We believe both Unico and Savanna have proven experience in their target markets and have property-level expertise,” explains Ray Ciranna, general manager with LAFPP. “Plus, the combined commitment will allow the fund to increase our exposure to office property and move us more in line with the ODCE benchmark.”
Unico Partners I launched in December 2013 with a $300 million fundraising goal. The value-added fund targets office properties with a reported focus on Seattle, Denver and Portland, Ore.