The $52 million City of Trenton (Mich.) Fire and Police Retirement System has committed a total of $2.5 million to two real estate funds, according to the pension fund’s April board meeting minutes.
The City of Trenton Fire and Police Retirement System committed $1.25 million each to PRISA II, managed by PGIM Real Estate, and a fund managed by Principal Real Estate Investors. The name of the Principal fund was not disclosed. Both commitments are subject to satisfactory legal review of documents.
The commitments combined make up 5 percent of the pension fund’s total current assets (2.5 percent to PRISA II and 2.5 percent to Principal).
PRISA II is an open-ended fund. It invests in completed investment-grade properties targeting apartment, retail, office and hotel properties, making acquisitions without regard to property type or geographic diversification, trading the stabilizing effects of diversification for an increased expectation of long-term growth.
The City of Trenton Fire and Police Retirement System had a target asset allocation of 5 percent to real estate and an actual allocation of 3.5 percent, as of March 31.
