The State of Wisconsin Investment Board (SWIB) plans to redeploy the $202m (€185m) it made by selling a 1m sqft office campus to Facebook.
The pension fund confirmed to Â鶹ӳ» Real Estate that it had sold the Menlo Park campus in California to the social media giant for twice the price it bought the building.
Facebook signed a 15-year lease in 2011 for the entire campus, the same year SWIB bought the building for $100m.
SWIB told Â鶹ӳ» Real Estate that the sale – made through a separate account managed by Deutsche Asset Management – fitted its long-term investment strategy and would allow the investor to redeploy capital in other real estate opportunities.
The pension fund, which had $5.7bn of real estate at the end of September last year, can invest in across the risk spectrum and in a variety of structures.
Towards the end of last year, to two value-add strategies.
Real estate makes up 6.8% of total assets at SWIB. It has a target allocation of 7%, with an accepted range of 4-10%.
