Washington Pension Manager Commits $1.1 Billion to REOCs

Washington stateThe Washington State Investment Board, the entity that manages Washington state’s pension assets, has committed a total of $1.1 billion to two funds that invest in real estate operating companies (REOCs).

From IPE Real Estate:

Commitments of $600m and $500m were made to Calzada Capital Partners and Evergreen Real Estate Partners, respectively.

[…]

Calzada, which buys real estate operating companies in the Americas, places capital with companies investing in major property sectors.

It has around $4bn in assets under management.

The private equity firm has invested in Terramar Retail Centers, which owns neighbourhood shopping centres on the US West Coast, as well as in Corporate Properties of the Americas, which owns industrial property in Mexico.

Hometown America, an owner and operator of manufactured housing, Pacific Beachcomber, a luxury hospitality renovation firm in French Polynesia and Pivotal Capital Group have also received capital as part of Calzada’s niche investment strategy.

Evergreen, which invests in US-based real estate operating companies, will use capital for future growth.

The company mostly makes investments in the office, industrial, retail and apartment sectors.

The Board manages $103.6 billion in assets.

 

Photo credit: “Washington Wikiproject” by Chetblong – Own work. Licensed under CC BY-SA 3.0 via Wikimedia Commons

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