Pensionskassernes Administration, Hellerup, Denmark, is adding global real estate, said Michael Nellemann, CIO. The 11 billion euro ($14 billion) fund is looking at domestic and global real estate managers and will hire one by the end of the year. No formal RFP was issued; the fund is in preliminary talks with managers, and PKA will accept proposals over the next two months. Mr. Nellemann would not identify the firms. The amount of the allocation has not been determined. No consultant is being used.
Funding will come from cash; no other portfolios will be affected. The scheme wanted to move into real estate to broaden its investment approach, Mr. Nelleman said.