Ohio School Employees targets international real estate funds

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The School Employees Retirement System of Ohio is planning to invest up to $300m (€268m) in real estate over the next 12 months, as it continues to increase its real assets exposure.

The pension fund told IP Real Estate it would target domestic and international real estate funds pursuing core and value-added strategies.

The $300m forms part of Ohio School Employees’ annual investment plan for the next 12 months, which was approved last week at a board meeting.

The plan is in line with asset allocation targets set in 2013 to increase real assets from 10% to 15% of the total portfolio while reducing its exposure to multi-asset strategies.

The pension fund is targeting 12% for real estate and 3% for infrastructure and natural resources.

According to board meeting documents, Ohio School Employees also wants to construct a framework for evaluating listed real estate markets versus their private counterparts.

Ohio School Employees told IP Real Estate that this would help it react to market cycles and aid decision-making when increasing or decreasing the size of its listed real estate investment trust (REIT) portfolio.

It recently increased the size of its REIT portfolio by allocated an extra $100m to BlackRock for a new domestic REIT strategy. It already had an existing $160m portfolio for global REITs managed by Clarion Real Estate Securities and Invesco Real Estate.

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