The UBS Trumbull Property Fund hopes to pay $2bn (€1.7bn) in redemption requests this year, according to senior portfolio manager Paul Canning.

During a board meeting of one of its investors, the Alameda County Employees Retirement Association, Canning said: “The planned redemptions to be paid out in 2020 would be equal to the $2bn paid out in 2019.”

He said the fund had paid $425m in redemptions in the first quarter, although none were made in Q2.

Last month, IPE Real Assets reported that the Trumbull fund, which had an $8.3bn redemption backlog, had completed a restructuring to enable it increase apartment and industrial exposure and reduce its weighting to retail.

According to Canning, the fund is currently in talks to sell two properties worth $100m. 

Another investor in the fund, the Ohio Bureau of Workers Compensation, said in a meeting document that during the first quarter of the year the Trumbull fund acquired a $52m apartment complex, an office building for $61m and two industrial assets for $14m.

UBS declined a request for further comment.

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