JUNEAU, AK—Alaska Permanent Fund Corp., Juneau, committed more than $415 million (£250M) to LaSalle Investment Management for investment in the United Kingdom.
“While the entry into Europe is clearly expected to provide diversification benefits, the increased capital dedicated to real estate (both domestically and globally) compels us to expand our footprint and opportunity set,” said Michael Burns, executive director and CEO of the Fund, in a LaSalle press release. “We are excited to team up with LaSalle in the UK and are encouraged at the pipeline of opportunities.”
The fund will seek investments ranging from $85 million (£50M) $250 million (£150M), and will consider investments in all sectors, including mixed use. This marks the first time APFC, which invests a portion of the US state's revenue from mineral resources to benefit future generations of Alaskans, has invested in commercial real estate in Europe.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
