San Francisco Employees’ Retirement System (SFERS) has transferred a $700m (€628m) real estate separate account from Deutsche Asset Management to CIM Group.

The pension fund confirmed the move to IPE Real Estate but would not give a reason.

According to a board meeting document, the transfer took place on June 14 and was made with the assistance of real assets consultant TorreyCove Capital Partners.

Deutsche and CIM did not comment.

It is the largest real estate portfolio owned by SFERS, valued at $701m at the end of 2015.

It represents 18% of the pension fund’s real estate exposure, although some of the assets are due to be sold.

The investment strategy for the separate account was to build up a diversified portfolio of core and value-add properties across the US. The investments include office, industrial, retail and apartment assets.

CIM, more commonly known as a value-add manager, already oversees a $194m portfolio on behalf of SFERS.

The manager recieved a $35m commitment from SFERS for its CIM Fund VIII in January 2015.