Ohio Public Employees Retirement System (PERS) intends to increase its exposure to apartment and industrial real estate assets in 2021 and plans to reduce its core real estate holdings in favour of non-core assets.

The $91.2bn (€76.6bn) pension fund said in a meeting document that it wants apartments to make up 30% of its real estate portfolio compared with the 25% exposure it has. The target for the industrial portfolio is expected to increase from 12% to 13%.

Ohio PERS is also considering increasing its non-core holdings within its real estate portfolio by 3% and cutting its core holdings by the same amount.

The pension fund will also consider making some investments in life science-related real estate assets.

Ohio PERS declined a request to disclose how much it expects to invest in real estate this year.

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