REAL ESTATE – The $10.9bn (€8.5bn) Public School Teachers' Pension and Retirement Fund of Chicago is considering amending its real estate exposure, according to fund documents.

At its last trustee meeting on August 17 executive director Kevin Huber, reported that the board approved a 15% allotment of its current real estate allocation to international real estate.

“He indicated that although the Trustees awarded a $25m mandate to Global RREEF to satisfy the private real estate international allocation, the fund had minimal international exposure to international public real estate investments,” the report on the fund’s website said.

Huber recommended the trustees consider moving the current domestic Morgan Stanley REIT to Morgan Stanley Global REIT.

He also recommended that the trustees consider increasing the international allotment up to 20% of the current real estate allocation.

The trustees requested that the Fund’s real estate consultant - David Linn of the Townsend Group - attend the next meeting to present “further analysis on the issue”.