Westland (Mich.) Police & Fire Retirement System is investing $2 million each in the Midland Multifamily Equity REIT and Intercontinental Real Estate Investment Fund III, said Diane Klinebriel, plan administrator. Funding came from reducing an active domestic fixed-income portfolio managed by Loomis Sayles to $35 million. Officials at the $95 million pension plan wanted to diversify, she said.
The plan’s asset allocation is 48% domestic equity, 35% fixed income, 8% international equity, 5% cash and 4% real estate.