NJ Pension Plan Pulls Out of China CRE Investment

TRENTON, NJ-The state's Investment Council canceled a $75 million commitment to Global Logistics Partners' new China fund, saying the timing does not work.

By Antoinette Martin | February 06, 2014 at 09:01 PM

TRENTON, NJ-The state Division of Investment has withdrawn a commitment to put $75 million in pension funds into Singapore-based Global Logistics Partners' first China-focused real estate fund.

PERE News reported that this is the first real estate commitment withdrawn in at least three years.

The state investment council informed GLP that it could not meet the fund's “compressed” timeline and close on the investment by early November.

“There were significant legal hurdles on both sides that could not be overcome in time to close on the investment,” the council said in a note to GLP. The pension plan managers said that the $75 million would be invested elsewhere.

Two other states also announced they would cancel real estate fund commitments:

In December, New Mexico's state investment council retracted a $50 million commitment to MetLife Real Estate Investors' MetLife Core Property Fund after contractual terms could not be resolved.
Last summer, the Texas Municipal Retirement System could not agree on a contract for a $100 million investment with Mesa West Capital's Mesa West Core Lending Fund.

New Jersey's pension plan also lowered its target allocation to real estate from 3.5% to 3.2% in equity-related real estate and from 2% to 1.3% in debt-related real estate. Read more here.

NOT FOR REPRINT

1 Tariffs Trigger Sharpest Drop in CRE Confidence Since Pandemic

2 Offices are Landing in Special Servicing Despite Strong Occupancy and Rent

3 Banks, Auto Parts Stores Lead Retail Cap Rate Declines

4 Office Distress Finally Starts Knocking on Investors’ Doors

5 Southeast Apartment Market Faces Looming Slowdown as Permits Plunge

Real Estate
GlobeSt. ELITE Women of Influence (WOI) 2025
July 21, 2025 - Denver

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.
More Information
Real Estate
GlobeSt. Multifamily Fall 2025
October 15, 2025 - Los Angeles

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!
More Information
Workers' Compensation Risk Management Award for Excellence Nominations
May 05, 2025 - Nomination Deadline

The 2025 Workers Comp Risk Management Award for Excellence honors outstanding loss control, safety and return-to-work programs.
More Information

Mental Health, Wellness Programs Are Key Business Strategy

By Emily Payne | April 29, 2019

Companies are waking up to the impact of mental health on business goals and putting strategies in place to improve.

Mental Health, Wellness Programs Are Key Business Strategy

Landlord Entitled to Limited Additional Rent

By Igor Pleskov and Ian M. Livaich | April 29, 2019

On April 9, the Pennsylvania Superior Court held that a commercial landlord was entitled to recover certain portions of unpaid additional rent under a lease agreement but limited the landlord's recovery based on the statute of limitations.

Landlord Entitled to Limited Additional Rent

How Goodwin Became a Household Name in Startup Community

By Xiumei Dong | April 29, 2019

“We are looking to grow our footprint at this point,” said partner Lynda Galligan, who has led the firm's California growth. “We have everything covered, it's just a matter of growth.”