LACERA approves €100m European industrial commitment
The Los Angeles County Employees Retirement Association has approved a €100 million ($137 million) commitment to the Prologis Targeted Europe Logistics Fund during its Dec. 11 meeting.
The fund, sponsored by Prologis, was formed on May 31, 2007, and has a current fair market value of approximately €1 billion ($1.37 billion). PTELF pursues a low-risk, core strategy of acquiring and operating industrial properties located in primary distribution hubs in Western Europe. PTELF is an open-end commingled fund that invests in logistics properties. The fund holdings currently consist of 79 assets located in five countries and 96 percent leased.
The investment would be LACERA’s second core-focused international commitment. The investment will increase the pension fund’s international exposure from the current 6.3 per