US pension fund Calpers has mandated RREEF, the asset management vehicle of Deutsche Bank, to manage its $60 mln (EUR 45.3 mln) European industrial portfolio. The move follows Calpers' ousting of LaSalle Investment Management as manager of its portfolio of warehouse and distribution centres in the US and Europe.

US pension fund Calpers has mandated RREEF, the asset management vehicle of Deutsche Bank, to manage its $60 mln (EUR 45.3 mln) European industrial portfolio. The move follows Calpers' ousting of LaSalle Investment Management as manager of its portfolio of warehouse and distribution centres in the US and Europe.

In a press statement, Calpers said the move was part of a larger real estate restructuring effort ´to shift assets to managers who outperformed peers managing Calpers investments during the real estate market downturn.'

'RREEF’s success with CalWest and their global breadth and expertise will be valuable in managing CalEast’s European assets,' said Ted Eliopoulos, Calpers Senior Investment Officer, Real Estate.

Private investment firm GI Partners will manage the CalEast Global Logistics North American Assets, which have an equity value of $1.9 bn. I

RREEF has managed CalWest Industrial Properties for Calpers since 1998. With approximately $216 bn in assets, Calpers is the largest public pension fund in the US.