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Spokane Employees commits up to $12 million to real estate

Spokane (Wash.) Employees’ Retirement System made two new commitments totaling up to $12 million, said Phillip Tencick, retirement director.

The $278 million pension fund committed $5 million to $7 million to Morgan Stanley (MS) Prime Property Fund, an open-end core real estate fund managed by Morgan Stanley Investment Management. It is the first time the pension fund has committed to a Morgan Stanley real estate fund.

Also, the pension fund committed $5 million to Morrison Street Debt Opportunities Fund, a real estate fund managed by Morrison Street Capital. The pension fund has made commitments to two previous Morrison Street funds, most recently committing $7 million to Morrison Street Fund V in 2014.

Investment consultant Hyas Group assisted.