Oregon Investment Council backs open-ended AEW Core Property Trust

The Oregon Investment Council (OIC) has committed $110 million to AEW Core Property Trust (CPT), an open-ended property fund managed by AEW.

The fund invests across the four main property types: office, industrial, retail and multifamily.

Anthony Breault, senior real estate investment officer of the Oregon State Treasury, said in an email that this was a new investment for the portfolio.

“We did a full underwriting of the fund a couple years ago but didn’t have the allocation for a core commitment at the time,” said Breault.

“Given the ongoing communications with AEW and no material changes from when we did the in-person underwriting, we felt the virtual diligence was sufficient for this update and commitment,” he added.

As of March, OIC had a 10.4 percent actual allocation to real estate, against a target of 12.5 percent. The portfolio was valued at $8.9 billion.