Virginia commits $82m to European retail
The Virginia Retirement System has committed €60 million ($81.67 million) to Meyer Bergman’s European Retail Partners II, marking VRS’ first time investing with the manager. Jeanne Chenault, public relations director with VRS, has confirmed the commitment.
MBERP II, which launched in June 2012 with a €500 million ($680.55 million) fundraising goal, is targeting prime retail assets in strong locations that still have room to add value. The opportunistic fund will invest across Northern Europe, including the Czech Republic, France, Germany, Poland and the United Kingdom, but has not ruled out investing in Southern Europe either. UK-based Meyer Bergman has co-invested in the fund up to €5 million ($6.8 million).
The $64 billion retirement system currently has approximately 10 percent of its portfolio allocated to real estate. VRS does not have a target a