Tennessee Retirement invests $161m in real estate
The $43 billion Tennessee Consolidated Retirement System has made several new commitments to real estate.
Through its separate account with L&B Realty Advisors, the pension fund acquired the 50,000-square-foot PNC DuPont Circle, a core office and retail property in Washington, D.C., for $60.8 million.
Tennessee also made a commitment of $50 million to Carlyle Group Realty Partners VII, a fund sponsored by The Carlyle Group that focuses on acquisition, value enhancement and disposition of mispriced and undervalued real assets in the United States. The Teachers Retirement System of Texas also made a commitment to the Carlyle fund earlier in the year.