To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionVRS makes $325m commitments to real estate
The $100.3 billion Virginia Retirement System (VRS) has invested $325 million to two real estate funds.
A $200 million commitment was to Carson JV IV, an industrial joint venture with specialist developer Carson Companies. This is a follow-on commitment. VRS has made investments in the series. In 2020, VRS invested $135 million to Carson JV III.
About $125 million was committed to Westbrook Real Estate Fund XII, a value-add, closed-end commingled fund investing in existing real estate assets. The fund will invest in value-added office, debt, distressed properties, hotel, industrial, multifamily, retail, and single-family assets in France, Germany, Japan and the United Kingdom, according to the IREI.Q database.
It is now in the market to fundraise $2.95 billion, reported IREI in May.
In April, VRS backed Penwood Select Industrial Partners VII, a
