Virginia Retirement System, Richmond, has agreed to contribute slightly more than half of the assets of its real estate affiliate, RF&P Corp., to a newly formed partnership between the $22 billion pension fund and Charles E. Smith Cos., a real estate developer.
The partnership, which will include RF&P's income-producing real estate assets, will subsequently become a public REIT. No market value of the pension fund's contribution was given.
Through RF&P, the pension fund will continue to own and manage the remainder of RF&P's assets -Potomac Yard, 340 acres of prime property outside Washington - but still will entertain offers from potential buyers for that property, said Erwin H. Will Jr., VRS' chief investment officer.
