Los Angeles City Employees’ Retirement System (LACERS) has extended its US real estate investment trust (REIT) manager mandate with CenterSquare Investment Management, according to a board meeting document.
CenterSquare’s contract, which was initially awarded in April 2015, has been extended ahead of its scheduled expiration at the end of March 2027.
The pension fund’s REIT portfolio managed by CenterSquare was valued at $679m (€607m) as of the end of August 2026.
Benchmarked against the FTSE Nareit All Equity REITs Index, the portfolio has outperformed its benchmark across all track-record timeframes, delivering an annualised net return of 7.7% since inception, an outperformance of 134 basis points.
LACERS has also committed $50m to Blue Owl Real Estate Fund VII.
Blue Owl Real Estate Capital is targeting an upgraded hard cap of $9bn for the vehicle, having already raised more than $8bn.
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