Henderson Global Investors’ Manager of Partners (MOP) program is partnering with California-based real estate developer Valeo Companies on a joint venture to invest in for-sale and for-rent housing for students, faculty and staff of the California state university and college systems. The partnership represents a $100 million (€68 million) separate account on behalf of an undisclosed public pension fund.
“We firmly believe the university real estate market in the US continues to offer significant advantages to investors looking for the portfolio diversification and value-added returns that property investments of this caliber can provide,” Charles Wurtzebach, Henderson managing director and property chief investment officer for North America, said in a statement.
Henderson’s MOP program, designed to source repeatable institutional capital for regional and niche real estate companies, has raised $600 million in commitments to date from institutional investors for joint venture projects in the US.
Last summer, Henderson launched its first private equity real estate fund, Fondo Azzurro, with a target of €250 million. The vehicle will target existing properties and development opportunities in Italy’s retail property sector.