Los Angeles City Employees’ Retirement System (LACERS) is planning to fully redeem all of its $37.2m (€31m) investment in the Jamestown Premier Property Fund as part of the pension fund’s plan to rebalance its core holdings in open-ended real estate funds.
As previously reported, the $17.7bn pension fund was rebalancing the core holdings to help improve returns, with a plan to invest by mostly targeting industrial and apartment funds.
LACERS made a $50m commitment to the Jamestown fund in 2015, an investment which was valued at $37.2m as at the first half of this year. The Jamestown fund has 69.2% of its portfolio invested in office, 23.8% in retail and 7.1% in other property type assets.
The pension fund’s real estate consultant Townsend is proposing the full redemption from the Jamestown fund.
LACERS said it is planning a new three-year contract with CenterSquare Investment Management, a manager of a $213m domestic real estate investment trust portfolio.
The current contract with the CenterSquare expires at the end of March next year.
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