U.S. pension funds co-invest alongside Blackstone
The State of Wisconsin Investment Board and the Virginia Retirement System are two of a handful of U.S. pension funds co-investing alongside Blackstone Property Partners to purchase a $4 billion portfolio of office properties in New York City.
The investors are part of Blackstone Highline Property Co-Investment Partners, a fund established specifically to co-invest in the portfolio being sold partially by RXR Realty. SWIB invested $100 million in the Highline portfolio, as it is known, and Virginia Retirement System committed $110 million.
Blackstone Property Partners is a recently launched core-plus real estate fund, sponsored by The Blackstone Group. The fund’s investors include a number of U.S. pension funds.
The portfolio includes six office properties in the West Chels