New Mexico commits $120 million to real estate
The $18.5 billion New Mexico State Investment Council has approved three real estate investments totaling $120 million. Charles Wollmann, director of communications with NMSIC, has confirmed the commitments.
Exeter Industrial Value Fund III, a $792 million value-add fund managed by Exeter Property Group, received a $35 million commitment from NMSIC. The fund launched in September 2013 and had already raised $351.5 million by early January. The fund will follow in its predecessor’s strategy of acquiring, developing, operating and selling industrial and business park assets in the United States, though the third fund will also invest in select Canadian markets. Exeter Industrial Value Fund II invested more than $1.6