Everett (Mass.) Retirement Board suspended a search for its first real estate manager until after it completes a sale of $50 million in pension obligation bonds, which will increase the $55 million system’s assets to $100 million, said Robert Shaw, executive director.
‘‘Then we would have a $5 million allocation to real estate instead of $2.5 million and would need two real estate managers instead of one,’’ Mr. Shaw explained. ‘‘We would rather do the search after the new money comes into the system, so we don’t have to do two searches.’’
The date for completing the bond sale has not been set. The system has received state approval for selling the bonds, but interest rates got too high to make it worthwhile, Mr. Shaw said. Once the rates drop a little, the system will move forward.
