State Teachers Retirement System (STRS) of Ohio is looking for up to two investment managers for a domestic real estate investment trust (REIT) strategy.

The $98bn (€93.1bn) pension fund disclosed in a meeting document that it is filing a request for proposal for managers and intends to issue up to $200m to one or two selected managers.

STRS Ohio said it is seeking US-based managers with a portfolio benchmarked against the FTSE NAREIT Equity REITs Index but will also consider managers benchmarked against the MSCI US REIT Index and the FTSE NAREIT All Equity REITS Index.

The pension fund stated in its fiscal 2022 year annual investment plan that it intends to add an active REIT strategy to its public real estate portfolio. 

In the past, STRS of Ohio has passively managed its REIT portfolio which amounted to $1.3bn of its $9.9bn real estate portfolio as of the end of June 2021.

STRS Ohio wants REITs to make up 15% of its real estate portfolio.

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