GLOBAL - The Orange County Employees Retirement System has decided to end its separate account relationship with American Realty Advisors.

The assets previously held by the real estate manager will be merged into an existing separate account with CB Richard Ellis Investors.

American Realty managed the separate account portfolio for Orange County Employees, valued at $214.6m (€168.7m), to the end of March. 

The portfolio included nine properties, a mixture of industrial, retail and apartments spread out across the US in markets such as Atlanta, Chicago, Seattle and Southern California.

However, Orange County Employees said the Hunter Woods Village Center shopping centre in Reston, Virginia would not be merged into the portfolio, as a purchase and sale agreement has already been signed with Edens and Avant, which bought the property for $29.8m.

CB Richard Ellis has overseen a portfolio for the pension fund valued at $242.5m through the end of March of this year. 

These assets included a combination of apartments, office and retail around the US, located in Texas, California, Florida and Pennsylvania.

The $7.5bn Orange County Employees fund has a total real estate portfolio of $619.4m through the end of June. 

It has invested 8.24% of its total plan assets in real estate, with a target allocation of 10%.