Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, is searching for two real estate managers to run a combined €660 million ($864 million), confirmed Enora Budet, spokeswoman for the €11.4 billion pension fund.
A European real estate manager will run €350 million, while a manager of French real estate will handle €310 million. Both strategies will likely be core; however, fund officials “might consider a tilt toward value-added strategies if they improve the (socially responsible investment) performance of the asset,” Ms. Budet wrote in an e-mail.
Proposals are due March 9, and documents can be downloaded from the French public procurement platform website www.achatpublic.com. Selections are expected by the end of the year.
ERAFP hired AEW Europe to run €40 million in Paris office building investments in November, the fund's first real estate investment.
