The State of Michigan Retirement Systems has continued to be a net seller of real estate, having sold $1.5bn (€1.35bn) of assets in 2019 and made only $789m of new acquisitions.

The pension fund has been realising gains from the sale of properties at historically low cap rates as far back as 2017.

According to a board meeting report, the State of Michigan Retirement Systems also plan to invest $150m (€135m) in two non-core real estate strategies.

It is committing $100m to Invesco Strategic Opportunities III and $50m to to AEW Senior Housing Investors IV.

Invesco Real Estate is seeking to raise $500m for Strategic Opportunitiess III, which will make value-add real estate debt investments in Europe and the US.

The AEW fund will invest in independent and assisted living assets and memory-care properties in the US, including existing buildings and development projects.