Etablissement de Retraite Additionnelle de la Fonction Publique, Paris, is searching for managers to create and run a €200 million ($218.6 million) French residential real estate portfolio, said a news release.
The €23 billion pension fund intends to invest €200 million in the first three years of a 10-year contract in intermediate housing, following a decision to increase its allocation to real estate to 12.5% from 10% over the long term.
ERAFP’s spokeswoman said one manager will be hired for an active allocation, while the two others will be selected on standby contracts. The pension fund wants managers to focus on private housing and alternative sectors, in particular senior housing and student housing, ERAFP said in the release.
ERAFP will have the option to extend the contract for a further two years after it expires.
Proposals are due at noon Central European Time on June 12. A hiring date was not provided.
The RFP notice is on procurement website Tenders Electronic Daily.