London Borough of Islington Pension Fund issued an RFP for a manager to run a residential real estate strategy estimated to be valued at £10 million ($15 million) to £20 million, said Joana Marfoh, head of treasury and pension fund management.
Funding will likely come from cash, Ms. Marfoh said. The hiring will be the £820 million pension fund's first segregated strategy focusing on residential real estate, which is increasingly attracting institutional investors in Europe as a portfolio diversification tool.
A manager is expected to be appointed by the end of the year.
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