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Westcore lands $400M for US industrial property account

Westcore Properties Inc. received $400 million of capital commitments from the Arizona State Retirement System for a new U.S. industrial real estate account, IPE Real Assets reported, citing the pension fund.

The pension fund told the news outlet that its separate account with Westcore will have a capitalization of $800 million and a 12.5% net internal rate of return target.

The real estate investment firm reportedly recently secured $550 million from an unnamed U.S. state pension fund and a national insurance company. It will be able to purchase U.S. industrial properties worth up to $1.25 billion from the two separate accounts.