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Investors - JANUARY 26, 2015

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PSERS commits $150m to core industrial fund

by Reg Clodfelter

The Public School Employees’ Retirement System of Pennsylvania has committed $150 million to the Cabot Industrial Core Fund, managed by Cabot Properties, according to a resolution report on the retirement system’s website.

Cabot Industrial Core Fund focuses on acquiring, operating, leasing and selling stabilized industrial properties across the United States with a strong income component, though up to 10 percent of the fund can be invested in non-industrial assets. The fund is looking to raise $750 million and invest approximately $1.1 billion, assuming 40 percent leverage.

The portfolio is expected to consist of 80 to 120 assets totaling 17 million to 20 million square feet, and will generally pursue transactions smaller than $50 million. Building sizes will typically be 100,000 square feet to 700,000 square feet, and between 30 percent and 50 percent of the portfolio will be single-tenant assets.

The fund is targeting net returns of 8&n

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