DECEMBER 17, 2013

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North Carolina commits $342m to noncore real estate

by Reg Clodfelter

The North Carolina Retirement System has committed $341.8 million to noncore real estate this past quarter, as outlined in board documents released this month. The capital was divided among three separate real estate funds — DRA Growth & Income Fund VIII, Blackstone Real Estate Partners Europe IV and M&G Real Estate Debt Fund III.

DRA Growth & Income Fund VIII, managed by DRA Advisors, received $150 million from the pension fund in October. The value-add fund, which launched this past May, had a $446 million first close in October, putting it well on its way to its $1.35 billion fundraising goal. The vehicle invests in big-box retail, CBD office, community shopping centers,

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