Investors - APRIL 24, 2014

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Virginia commits $104m to value-add European RE

by Reg Clodfelter

The $63 billion Virginia Retirement System has committed €75 million ($103.6 million) to Europa Real Estate Fund IV, marking the first time the retirement system has invested with Europa Capital.

“The fund is a closed-end value-add/opportunistic fund investing in Europe,” says Jeanne Chenault, public relations director with VRS, “so it aligns with the current overall objectives of our real estate investment program.”

EREF IV, which launched in August 2012 with a fundraising goal of $750 million, will primarily invest in more liquid European markets such as the United Kingdom, Germany and France. The fund will focus on repositioning real estate, loan restructuring, acquiring prime assets, and recapitalizations of assets or loans where the fund will act as the new borrower or sponsor. It is targeting net returns of 20 percent. No target

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