Mass PRIM awards $1bn of real estate separate accounts

Related Asset Managers

Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has awarded three US real estate separate-account mandates worth $1bn (€884m) in total.

Following a search for investment managers, the $71.7bn pension fund said in a board meeting report that it is allocating $400m to CBRE Global Investors, $400m to Stockbridge Core and Value Advisors, and $200m to DivcoWest.

A request for proposals issed in March by real estate consultant The Townsend Group prompted 16 responses. Shortlisted managers included Bentall Kennedy, BlackRock, Clarion Partners and L&B Realty Advisors.

Mass PRIM said CBRE Global Investors and Stockbridge will have a primary mandate to acquire core US office, industrial, retail and apartments assets. They will also be able to invest in non-core assets subject to Mass PRIM’s approval.

DivcoWest will focus mostly on core-plus office assets in primary and secondary markets, although it will be able to invest in other sectors where appropriate.

CBRE Global Investors and DivcoWest declined a request for comment, and Stockbridge was unavailable.

Related images

  • Boston

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2572

    Asset class: High Yield Bonds.
    Asset region: Global.
    Size: $200m.
    Closing date: 2019-11-27.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

Begin Your Search Now