OCTOBER 16, 2013

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SWIB commits $350 million to real estate

by Andrea Waitrovich

The State of Wisconsin Investment Board (SWIB) has plans to invest $350 million in real estate in two separate investments. The pension fund is conducting due diligence on these investments.

The pension fund will provide $150 million of financing for 150 Worth Ave., a luxury retail center in Palm Beach, Fla., anchored by Saks Fifth Avenue and Neiman Marcus. The Goodman Co. owns the property, which is currently being renovated.

The second investment is a commitment of $200 million to a closed-end commingled fund. SWIB is considering a vehicle that invests in office buildings in the United States.

SWIB had a real estate portfolio with a market value of $5.7 billion, or 7.1 percent of total plan assets, as of March. Its target allocation to real estate is 7 percent.


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