SBCERA gives go-ahead on commitment, consultant consolidation
The San Bernardino County (Calif.) Employees’ Retirement Association has approved recommendations proposed last month to commit $50 million to Invesco Real Estate Asia and to terminate its contract with The Townsend Group for real estate consulting services.
IREA, managed by Invesco Real Estate, is the firm’s first-ever commingled core fund focused on the Asia Pacific region. The open-end fund has already raised $400 million from six founding investors as of April. It will invest across Asia, focusing on Australia, China, Hong Kong, Japan, Singapore and South Korea, and is expected to make its first two or three investments in Japan and Australia to build a stab