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San Diego commits $30m to core real estate

by Reg Clodfelter

The San Diego City Employees’ Retirement System has committed $30 million to Morgan Stanley Prime Property Fund, an open-end core real estate fund managed by Morgan Stanley, according to recently released board documents.

The capital was drawn from the recently liquidated separate account between SDCERS and Deutsche Asset Management.

The Prime Property Fund, which launched in 1973, has a net asset value of $16 billion and seeks gross returns between 8 percent and 10 percent by targeting high-quality, well-leased, income-producing properties located in select primary markets in the United States. Since inception, it has produced annual returns of 9.2 percent.

The fund’s board of directors recently lowered its target leverage range from 25–35 percent to 20–30 percent

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