Investors - FEBRUARY 4, 2016

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NYSCRF invests $1b in real estate

by Andrea Waitrovich

The $173.5 billion New York State Common Retirement Fund approved more than $755 million in real estate commitments in December, and recently made a $250 million commitment to real estate debt.

The pension fund committed $455 million to MetLife Core Plus Partners, a 50-50 real estate joint venture between the pension fund and MetLife Real Estate Investors.

The joint venture currently consists of seven properties worth about $1.4 billion. The pension fund’s initial investment, which closed in December, consisted of a 49.9 percent stake in the venture. Structured as an open-end fund, the vehicle targets U.S. industrial, multifamily, office and retail properties. The goal is to provide enhanced core returns by identifying assets where there is the opportunity to enhance value, while also generating a moderate level of current income.

Jamestown Premier Property Fund, an open-end real estate fund focusing on U.S. core and core-plus assets, also recei

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