Los Angeles County Employees Retirement Association, Pasadena, Calif., in mid-June will issue an RFP for a real estate manager for three hotels valued at $225 million, said Gloria B. Gil, senior investment officer, real estate. The manager will replace Lend Lease, which was terminated due to senior management turnover, Ms. Gil said. Lend Lease, terminated last month, managed a $442 million core real estate portfolio.
Separately, LACERAs board of investments approved a commitment of up to $89 million to Permira Europe III, subject to contract negotiations and approval by the funds legal department, said Christopher J. Wagner, investment officer, alternative assets. The board also approved a $10 million commitment to Falcon Mezzanine Partners, subject to the same conditions. Both will be funded from cash, Mr. Wagner said.