Investors - NOVEMBER 26, 2014

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Pension plan to commit up to $900m to real estate separate accounts

by Reg Clodfelter

The South Carolina Retirement System Investment Commission has committed $450 million to two real estate ”fund-of-one” separate accounts, one with TA Realty and one with Greystar Realty, and could commit an additional $450 million to the separate accounts, according to investment commission board documents.

TA Realty will receive a commitment of $300 million from South Carolina’s RSIC, with the investment commission reserving the right to commit an additional $300 million during the initial 10-year term. TA Realty will co-invest approximately $3 million into the venture.

The joint venture will acquire core, core-plus and value-add real estate in the four main property types across the United States, and will look to retain properties as core assets upon stabilization. It will look to acquire between 10 and 20 assets with average deal sizes ranging from $10 million to $45 million, and will primarily use a build-to-core strategy. Approximately

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