Essex looks for value-added real estate firm

Essex Regional Retirement System, Danvers, Mass., issued an RFP for a value-added real estate manager to run $10 million, said Rosemary Guillette, investment consultant at Segal Advisors, which is assisting. Open-end and closed-end funds will be considered, as will opportunistic strategies. Funding will come from reducing the real estate allocation managed by Massachusetts Pension Reserves Investment Trust, which will continue to run about $5 million. The move is being made because it wants improved performance, Ms. Guillette said. The system has three other real estate managers: BlackRock and Intercontinental run $14 million and $2.3 million, respectively, in value-added commingled funds, and Sentinel handles $2.1 million in a core fund. All three can bid. The RFP is available on Segal’s website at www.segaladvisors.com/rfp/index.html. Responses are due by 3 p.m. EDT April 14. A selection is expected by June. Lilli Gilligan, COO of the $295 million system, referred questions to Ms. Guillette.