The Pennsylvania Public School Employees' Retirement System, Harrisburg, hired European Investors, Cohen & Steers and LaSalle Investment Management to run a combined $400 million in the system's new global REITs program, confirmed Evelyn Tatkovski, spokeswoman for the $57.1 billion system. European Investors will run $200 million in non-publicly traded real estate securities, while Cohen & Steers and LaSalle Investment Management will each handle $100 million in global publicly traded real estate securities. The hires are pending contract negotiations, she said. Funding will come from the system's domestic real estate portfolios, said Ms. Tatkovski; further information was not available by press time. System officials created the new global REIT program to increase opportunities to generate alpha, said Ms. Tatkovski.
Consultant Courtland Partners assisted.