Florida SBA puts $188m into JP Morgan and Landmark real estate funds

Florida State Board of Administration (SBA) has approved a $188m (€159m) commitment to a new JP Morgan European opportunity fund and Landmark Partners’ current real estate secondaries strategy.

The pension fund told IPE Real Assets it is investing $100m into Landmark Real Estate Partners VIII and €75m into JP Morgan European Opportunity Property Fund IV.

As previously reported, Landmark Partners expects to raise $2bn for Partners VIII. Partners VIII plans to acquire assets through funds, joint ventures, real estate operating companies and non-listed real estate investment trusts.

According to sources that track fundraising in Europe, JP Morgan had a first close in April for its new European opportunity fund with $40m of commitments. The manager did not respond to a request for comment.

The fund will invest in a variety of property types and buy existing assets that can be improved through renovation, re-leasing or a change of use.

Florida SBA told IPE Real Assets that it had invested $344m of equity in four direct real estate deals in the US.

They include a mixed-use development in Carlyle, Virginia which was bought for $329m, using $134m of equity, through separate account manager MetLife.

Another was a retail redevelopment on The Collection at UTC in San Diego, which was acquired for $79m using $41m of equity. Invesco was the manager.

Florida SBA bought two portfolios through Heitman: six student housing assets for $262m, using $123m of equity, and six medical offices for $92m, using $46m of equity.

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