Value-Add

PERE’s investor ranking sees its first-ever aggregate decline in property exposure as macroeconomic factors continue to weigh on values and sentiment.

The Australian superannuation fund has acquired a 49% stake in the partnership, which comes seeded with a 2.8m-sq-ft Southern California portfolio.

The firm is considering internalizing the management of the platform to capture enterprise value for its investors, according to global head of real estate Nick Montgomery.

The Juneau-based pension is also looking to form new core/core-plus partnerships as its consultant calls a market bottom.

There may be a swath of real estate firms seeking a capital partner to stay competitive, but only those with targeted growth plans are catching investors’ attention.

The investment is understood to be the pension fund’s first stake acquisition in a European real estate manager.

The LGPS pool has pledged $90m to a fund managed by Heitman as it continues to build out its global real estate portfolio.

Commercial real estate transactions in Q1 2025 rose by 24% year-on-year in the country, according to CBRE, with activity driven primarily by deals involving large global players.

So far this year, 23 vehicles targeting APAC markets have closed with a capital raising total of $28.78bn, nearly double the totals from this time last year.

Including $625m to funds and $880m to JVs, it is the pension investor’s highest quarterly allocation to the asset class in at least 10 years.