Los Angeles Fire and Police Pensions (LAFPP) has approved $120m (β¬100.1m) worth of commitments to industrial real estate funds managed by DWS and Exeter Property.
LAFPP said in a meeting document that it is investing $80m in the US focussed RREEF Core Plus Industrial Fund and has also issued a $40m commitment to Exeter Europe Logistics Value IV, a value-add fund seeking to raise β¬1.25bn.
Ray Ciranna, a general manager with the pension fund, told ΒιΆΉΣ³» Real Assets that the investment with DWS is the βfirst time we have invested with the manager and it will help us increase our industrial exposure in the marketβ.
The $28bn pension fund β which is planning to re-balance its existing core open-ended manager lineup β is funding the DWS investment by issuing the full $71.2m and $56.2m it holds in the Heitman America Real Estate Trust and the Jamestown Premier Property Fund core funds respectively.
The remaining $47.4m from the redemptions will be placed into the Principal US Property Account.
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