The UBS Trumbull Property Fund is attempting to sell $600m (€534m) worth of retail property this year as it seeks to reduce its exposure to the troubled sector, according to one of its investors.

A Marin County Employees’ Retirement Association board meeting report shows that the $22.7bn open-ended fund is planning to sell six assets in an attempt to bring its 17.3% retail weighting in line with the NFI-ODCE Equal Weight Net index, which currently has a 14.81% weighting.

In January, UBS Asset Management, which manages the fund, sold a retail asset for $59m.

IPE Real Assets reported in February that it was planning to sell retail and office assets while increasing its exposure to the industrial and apartment sectors. The fund had a $7bn redemption queue at the time.

UBS declined a request for comment.

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