Alaska Permanent Fund to purchase London shopping center

The $54 billion Alaska Permanent Fund Corp. approved the acquisition of the Intu Bromley Retail Shopping Center in Greater London at its annual board meeting Sept. 28. LaSalle Investment Management will be responsible for the acquisition and management of the 501,784-square-foot property.

A number of other foreign investors were interested in the property as well. Terms of the transaction were not disclosed; however, reports suggest the price to be £240 million ($306 million). Intu and fund manager Aviva Investors appointed Cushman & Wakefield in March to sell the property from an existing joint venture.

The acquisition is not the first U.K. investment by LaSalle on behalf of the Alaska Permanent Fund. In 2014, LaSalle bought the Golden Squareshopping center in Warrington, England, for £141 million ($180 million) on behalf of the investor.

The Alaska Permanent Fund has a target allocation to real estate of 12 percent.