Alaska Permanent Fund Commits £250 Million to UK Real Estate

The Alaska Permanent Fund Corporation (APFC) committed £250 million to LaSalle Investment Management for commercial European real estate. Late to the U.K. property party, this is the first time the APFC has allocated capital directly to European commercial real estate. The capital committed will be managed in a custom U.K. real estate separate account. The money will target properties between £50 million and £150 million, and will consider all sectors, including mixed use.

The Alaskan sovereign wealth fund has an existing institutional relationship with LaSalle. The APFC has nearly US$ 900 million invested with LaSalle in U.S. institutional real estate.

In a LaSalle press release, Michael Burns, executive director at the Alaska Permanent Fund Corporation, said: “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. We are excited to team up with LaSalle in the UK and are encouraged at the pipeline of opportunities.”

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