Missouri Public School Retirement System, Jefferson City, will invest $175 million in a REIT portfolio run by Urdang Securities Management subject to a final contract, said Craig Husting, CIO. The $25.5 billion plan issued an RFP for a REIT manager in October.
The hire is another step in implementing a $1 billion real estate allocation, which plan officials approved earlier this year. Funding will come from reducing fixed income, but plan officials have not yet determined which portfolios will be trimmed. Mr. Husting said officials expect to hire additional real estate managers in the coming months, but no details were available.
Townsend Group, the fund's real estate consultant, assisted.
