Los Angeles Fire and Police Pensions is consolidating its two real estate separate accounts and has chosen AEW to be the sole manager.

AEW will take over the portfolios – which have a combined value of $570m (€490m) – from existing managers Heitman and Sentinel Real Estate, IPE Real Assets understands.

The move brings to an end a search that started in May, for which Heitman and Sentinel were among those shortlisted.

A source at LA Fire & Police Pensions said contract negotiations had now started but did not say why AEW had been chosen.

AEW itself declined to comment.

The pension fund is being advised by The Townsend Group.

The combined portfolios include 15 assets, made up of a combination of office, industrial, retail and apartment buildings located across the US.

The consolidated separate account could receive additional capital in the future from asset sales and distributions from fund investments.