San Diego City Employees’ Retirement System (SDCERS) is planning to approve a full redemption of the MetLife Core Property Fund to help rebalance the pension fund’s real estate portfolio.
SDCERS estimates its investment in the core open-ended real estate fund to be worth $73m (€67.9m) as at the end of the second quarter in 2022.
Once the full redemption is approved, MetLife is expected to make payments over several quarters, according to a meeting report by the pension fund’s real estate investment consultant Meketa Investment.
MetLife did not respond to a request for comment.
In July last year, SDCERS decided to lower its exposure to core ODCE funds from seven to five or six after the value of its real estate portfolio reached 12% of the pension fund’s total, compared with targeted allocation of 11%.
The planned redemption from the MetLife fund and a $36m redemption in the UBS Trumbull Property Fund, is expected to help the real estate portfolio drop to its 11% allocation target.
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