MAY 29, 2013

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LABF approves draft of RFP and commitment

by Andrea Waitrovich

The $1.4 billion Chicago Laborers’ Annuity & Benefit Fund (LABF) has approved an RFP to be issued for noncore real estate debt, according to the April 16 meeting minutes. A draft of the RFP will be reviewed at the next regular board meeting held on June 18, 2013.

Separately, LABF approved an additional $5 million commitment to the ASB Allegiance Real Estate Fund, a core open-end real estate fund managed by ASB Capital Management. The fund invests primarily in U.S. office and industrial properties and land. The fund invests the majority of its assets in development projects that employ 100 percent union labor for construction and project work. Also, the fund may invest in development projects across the country. In May 2012, LABF committed $10 million to the ASB Allegiance Real Estate

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