The UBS Trumbull Property Fund, which now has $7bn (€6.4bn) redemption requests from investors, is planning to sell retail and office assets while increasing its exposure to industrial and apartment markets.

The exit queue at the $22.7bn open-ended vehicle has been steadily increasing. It rose to $5.4bn at the end of September, according to the Marin County Employees’ Retirement System (MCERA), before reaching $5.9bn at the end of 2019, according to industry sources.

UBS Asset Management told MCERA at a board meeting that it intends to reduce the fund’s exposure to retail and office markets from their weightings of 20% and 27%, respectively, through sales.

The company, which recently made changes to leadership of its US real estate business, said it would also invest more in apartments and industrial assets to increase their share of the portfolio from 34% and 18%, respectively.

The fund has a 1% exposure to hotels.

MCERA said it had filed a request to redeem $20m from its $121m investment in the fund and plans to reinvest this in the AEW Core Property Trust, in which it already has a $104.3m holding.

The pension fund said it will accept a four-year 25bps fee break for the remaining $101m investment in the UBS Trumbull fund.

UBS declined a request for comment.