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Grand Rapids retirement system selects CenterSquare as potential U.S. REIT manager
Investors - JUNE 25, 2019

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Grand Rapids retirement system selects CenterSquare as potential U.S. REIT manager

by Kali Persall

The City of Grand Rapids’ General Retirement System is moving forward in the process of hiring a new REIT manager, as part of a move to localize its global REIT strategy.

The system is entering into contract negotiations with CenterSquare Investment Management, a Pennsylvania-based investment manager with $10 billion of assets under management.

In an effort to shift the pension fund’s focus from global REITs to REITs in the United States, CenterSquare will replace CBRE Clarion, which currently manages the global asset class.

The pension fund plans to conduct a due diligence visit to the company as a next step.

The company was selected out a shortlist of five, which also included Brookfield Public Securities Group, Duff & Phelps Investment Management, Morgan Stanley Investment Management, and Principal Real Estate Investors.

CenterSquare will manage roughly $19 million for both the General Employees’ Retirement System and the Police and Fi

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