Contra Costa County Employees’ Retirement Association has awarded Invesco Real Estate a $100m (€90.6m) allocation to invest in US real estate investment trusts (REITs).
The pension fund said in a meeting document that the capital will be invested by Invesco’s listed securities group.
Contras Costa County expects Invesco to target more non-traditional REIT sectors like health care, industrial and data centres.
Max Swango, managing director and global head of client portfolio management for Invesco Real Estate, said: “Some investors today are seeking beta exposure to the REIT sector given its long-term attractive characteristics.
“Our strategy not only offers beta exposure to REITs, but it also offers the potential for alpha.”
Contra Costa County already has a $113.4m REIT portfolio managed by Adelante Capital Management.
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