Teachers’ Retirement System of Oklahoma has narrowed its search for core-plus open-ended property fund managers down to three as it seeks to invest $100m each with two managers.
According to the pension fund, managers for the JP Morgan Special Situation Property Fund, the Principal Enhanced Property Fund and the Brookfield Premier Real Estate Partners funds have been shortlisted from the nine firms that responded to the request for proposal (RFP) issued last year.
PGIM Real Estate’s PRISA II was part of an original shortlist of four finalists but was dropped after the pension decided to interview three firms on 21 April for a final decision to be made.
Brookfield Real Estate Partners has total net assets of $2.1bn. 48% of its portfolio is in the western region of the US and its current portfolio has no exposure to retail assets.
The Special Situation Fund has over half of its $4bn of net assets located on the US East Coast. Its portfolio is split with half in stabilised properties and the other half in a mixture of development, repositioning and leasing.
The Enhanced Property Fund has a portfolio valued at $2bn net asset value. The fund focuses on properties in secondary markets and has a dedicated allocation to student housing.
The Carlyle Group, CBRE, Clarion, Invesco and Kayne Anderson were the other firms to respond to the RFP.
