State Teachers Retirement System of Ohio will seek to maintain its current exposure to real estate by being neither a net buyer nor a net seller in the asset class.
Ohio Teachers, which is one of the few public pension plans in the US to manage some of its direct real estate investments internally, has at least $100m (€88.7m) of assets it is seeking to sell, the proceeds of which it will reinvest into the market.
The pension fund has disclosed its investment plan for the next 12 months, which will continue its internally managed direct strategy of focusing on major real estate markets in the US for maintaining efficient scale, liquidity and long-term growth.
Ohio Teachers also disclosed plans to move significantly into senior living and medical office markets through the use of third-party fund managers.
It is conducting due diligence on a separate account for medical offices and a closed-ended fund for senior housing, both of which will be finalised in the new year.
It did not state how much capital was earmarked for either strategy.