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Florida pension fund injects $188M into JP Morgan, Landmark real estate funds

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Florida pension fund injects $188M into JP Morgan, Landmark real estate funds

State Board of Administration of Florida Retirement System committed $100 million to Landmark Partners LLC's Landmark Real Estate Partners VIII LP and €75 million to JP Morgan's JP Morgan European Opportunity Property Fund IV.

Landmark Partners plans to raise $2 billion for its Partners VIII fund, which will acquire assets through funds, joint ventures, real estate operating companies and nonlisted real estate investment trusts.

JP Morgan's European fund aims to invest in a variety of property types and buy existing assets that can be improved through renovation, re-leasing or change of use, the report added.

According to the publication, the pension fund has thus far invested $344 million of equity in four direct real estate deals in the U.S., including $134 million toward a $329 million acquisition of a mixed-use development in Carlyle, Va., through MetLife and $41 million toward a $79 million acquisition of a retail redevelopment of The Collection at UTC in San Diego, through Invesco.

The fund also put $123 million toward a $262 million acquisition of six student housing assets and $46 million toward a $92 million acquisition of six medical offices, through Heitman.