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LACERS commits to €27m to European real estate

by Zoë Wolff

The $14.2 billion Los Angeles City Employees’ Retirement System has committed €26.8 million ($30 million) to Standard Life Investments European Real Estate Club II, according to recent meeting documents.

The value-added fund is seeking to raise €300 million ($339 million) and targets office, retail and industrial properties in Belgium, France, Germany, Luxembourg, the Netherlands and the Nordic region.

Standard Life Investments European Real Estate Club I held a final close of €308 million ($350 million) in April 2014.

Standard Life Investments currently has $27.3 billion in real estate assets under management, comprising 600 buildings in 17 countries.

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