Investors - AUGUST 4, 2014

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Oregon Public Employees commits $200m to office JV with Lionstone

by Reg Clodfelter

The $68.7 billion Oregon Public Employees Retirement Fund has committed $200 million to Lionstone Partners for a joint venture titled Lionstone OPERF Real Estate One. The commitment is a follow-on and adaptation to the $125 million OPERF committed to Lionstone for their first joint venture, Cash Flow Office One, which began in June 2002.

LORE One will use a similar strategy to CFO One, which invested in office properties in high-growth U.S. markets, but will include a few updates. LORE One will have the added flexibility to invest up to 20 percent of its capital in non-office real estate such as multifamily or retail and will have an expanded geographic focus that will allow for investments in select international markets.

Unlike CFO One, LORE One will have a two-tranche portfolio structure as well.

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