TCRS Joins AEW, Montecito Medical Practice in the United States | New


The Tennessee Consolidated Retirement System (TCRS) approved a $ 50 million (€ 43.1 million) commitment to a real estate co-investment in a U.S. medical practice and a joint venture with AEW and Montecito Medical.

The pension fund told IPE Real Assets that part of its capital would be placed in a $ 245 million joint venture to acquire a nationwide portfolio of medical office building assets.

“The initial portfolio is well diversified, well leased and has a significant remaining lease term. Montecito is a “best in class” medical office construction specialist, TCRS said. The company’s initial portfolio includes 31 properties.

TCRS said part of its capital will go to a joint venture established by the AEW Partners IX fund and Montecito Medical.

Michael Byrne, CIO and head of private equity and debt for AEW, said the programmatic joint venture with Montecito is part of AEW’s overall strategy to “bundle defensive healthcare-related assets, such as doctor’s offices, senior housing, outpatient surgical centers, independent rehabilitation facilities and other assets that are essential for our aging population ”.

TCRS also approved a $ 100 million commitment to Asana Partners Fund III, a US retail real estate fund. The pension fund issued commitments of $ 40 million to Fund I in 2016 and $ 70 million to Fund II in 2018.

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