San Diego City Employees’ Retirement System (SDCERS) is planning to invest $170m (€162.7m) in real estate in the current fiscal year.
The pension fund said in a meeting document that, for the fiscal 2023 year beginning 1 July, it plans to invest $70m through core industrial real estate funds and has set a $100m pacing for non-core real estate opportunities.
For the core investments, SDCERS plans to invest $45m into the Clarion Lion Industrial Trust and $25m into the DWS/RREEF Core Plus Industrial Fund, investments it said will be funded by the sale of a property from a DWS-managed separate account and capital being redeemed from the AEW Core Property Trust.
The pension fund’s plan for non-core is to commit capital to three or four existing or new fund managers to target a mixture of strategies including multi-family, debt and diversified strategies.
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