LACERS commits to €27m to European real estate
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.