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Sign in Sign up for a FREE subscriptionMontana Board commits $70m to real estate vehicles
The Montana Board of Investments has made two recent commitments to real estate, totaling $70 million, according to newly released board meeting minutes.
The board has invested $30 million in Sterling United Properties II (SUP II), a closed-end fund managed by Sterling Organization, a Florida–based investment services company.
The first fund in the series, Sterling United Properties I, was a discretionary institutional closed-end fund that focused on acquiring and operating core grocery-anchored shopping centers in major markets across the United States. It held its final close in December 2016 with committed capital of approximately $160 million.
Montana also has committed $40 million to a long-only equity REIT mandate, managed by CenterSquare Investment Management, a Philadelphia-based global investment manager specializing in real assets.
As of Dec. 31, 2018, the Montana Board of Investments had an allocation to real estate of $883 million, or 8.27 p
