LACERS commits $35m to core real estate, hires REIT manager
The $14.1 billion Los Angeles City Employees’ Retirement System has committed $35 million to the Morgan Stanley’s Prime Property Fund and has hired CenterSquare Investment Management to run a $65 million domestic REIT strategy.
LACERS’ real estate consultant, The Townsend Group, recommended the commitment to Morgan Stanley’s PPF during third quarter 2014. The $11.7 billion open-end core fund makes diversified investments in core U.S. real estate and focuses on high-quality office buildings, class A multifamily communities, warehouse distribution and storage facilities, and top-tier super regional malls and shopping centers in targeted primary markets.
The fund generally targets primary markets but will selectively invest in secondary markets as w