Kansas Public Employees Retirement System (PERS) is investing $60m (€48.2m) in PGIM Real Estate’s flagship core open-ended fund as it rebalances its property portfolio.

The pension fund confirmed it was investing in the $17bn PRISA, a fund it committed $175m to in 2015. PGIM did not comment.

As previously reported, Kansas PERS is planning to invest as much as $245m in real estate in 2018, favouring core assets.

According to a meeting document from the San Diego City Employees’ Retirement System, PRISA has outperformed the NFI-ODCE index over most of the time periods.

Last year, IPE Real Assets reported that the PGIM fund was planning to halve the volume of acquisitions during the period, while increasing sales.

PRISA, the oldest pooled property fund in the US, wants to lower its exposure to office buildings during 2018 and 2019 through disposals and acquisitions, a move expected to help increase its exposure to apartment and industrial assets. It is also planning to sell its remaining hotel assets.