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MassPRIM to invest $100m in real estate in 2015

by Reg Clodfelter

The board for the Massachusetts Pension Reserves Investment Management Board, which manages Massachusetts’ $60.7 billion Pension Reserves Investment Trust, is planning to allocate $100 million for direct real estate investments (internally managed) and co-investments, according to MassPRIM’s 2015 real estate and timberland annual plan.

Both current managers and new managers will be considered for co-investment opportunities. The board is looking to achieve a 6.5 percent return on new real estate investments. MassPRIM will also conduct a search for a REIT manager to replace EII in 2015.

As of Nov. 30, 2014, MassPRIM has invested 9.3 percent of the PRIT fund into real estate, just short of its 10.0 percent target.  Within its real estate portfolio, the board targets a 70 percent allocation to core real estate, a 10 percent allocation to noncore real estate and a 20 percent allocation to REITS. The actual breakdowns to those subsectors are 65.5

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