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Illinois pension fund pumps €150M into European real estate funds

The Illinois Municipal Retirement Fund is shifting $150 million of capital allocated to U.S. real estate into European property markets, IPE Real Assets reported.

The pension fund plans to redeem an investment in the $3.3 billion U.S.-focused Barings Core Property Fund and redeploy €100 million into Ares European Real Estate Fund V and €50 million into Barings European Core Property Fund, the publication noted, citing a board meeting document.

Ares Management is targeting a €1.25 billion capital raise for its fifth European fund, which will invest in value-added office and residential assets in the U.K., Germany and France.

In addition, the Illinois pension fund will earmark $150 million each for the Heitman America Real Estate Trust and the JPMorgan Strategic Property Fund. Other real estate allocations planned by the pension fund are $100 million for TA Associates' Buckhead Properties and $75 million for Artemis Real Estate Partners Fund III.

Heitman did not respond to a comment request, according to the publication.