Investors - OCTOBER 7, 2014

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North Carolina to invest up to $1.75b in real estate annually through 2016

by Reg Clodfelter

The North Carolina Retirement Systems is looking to invest $300 million to $750 million annually in noncore real estate through 2016 and $700 million to $1 billion annually in core real estate over the same period. The $104 billion pension plan is transitioning toward its target of 5 percent of total assets invested in core real estate and 3 percent in noncore. Currently, 3 percent of NCRS’ total assets is invested in core real estate and 4.7 percent is invested in noncore real estate.

In 2014 and 2015, the pension plan is planning between $500 million and $750 million of new noncore real estate commitments. The new commitments are expected to focus on a number of different investment themes, including taking advantage of distress in Europe, focusing on managers that emphasize current income, exploring sales of secondaries, focusing on managers who apply a “rifle shot approach”, as well as exploring some build-to-core development in either the multifa

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