San Diego City Employees backs two open-ended real estate funds

The San Diego City Employees’ Retirement System (SDCERS) has plans to invest $45 million in the Clarion Lion Industrial Trust and $25 million in the RREEF Core Plus Industrial Fund.

Clarion Lion Industrial Trust, an open-end, value-add real estate fund managed by Clarion Partners, seeks to own, develop, manage and strategically sell industrial warehouse properties and land in 25 U.S. markets.

RREEF Core Plus Industrial Fund is an open-end commingled fund managed by DWS. The fund opened to investors in June 2017 to invest in industrial real estate assets around the world. The fund aims to build a diversified portfolio of highly competitive, strategic warehouse investments in top-performing high-barrier metros, according to DWS documents.

IREI understands the commitments will be funded by the sale of a property from a separate account managed by DWS, and the redemption of capital from the AEW Core Property Trust.

In March, SDCERS