Orlando (Fla.) Public Employees' Retirement System on Jan. 6 will interview finalists to invest $50 million in REITs. The finalists are RREEF, EII Realty Securities, CRA Real Estate Securities, Morgan Stanley Dean Witter and Delaware Investment Advisers.
Funding will come from liquidated closed-end real estate trusts managed by JMB, AEW and TCW and from REIT portfolios that went public that were managed by ANB and MIG.
Grant Kalson is assisting the $600 million fund.
Separately, trustees plan to start an asset allocation study in February. The current asset mix is 62% equities; 30% fixed income; and 8% real estate. The study is to establish the amount of assets the police and fire funds, which are part of the retirement system, should invest internationally, according to Bruce Harter, treasurer.