Swampscott (Mass.) Contributory Retirement System is searching for a core real estate manager to run about $2 million.
Dahab Associates, investment consultant to the $60 million defined benefit plan, is assisting with the search.
The search is being done to further diversify the plan's investment in real estate, said Gregory McNeillie, investment consultant at Dahab Associates. The plan's current real estate exposure, which is 13% of the portfolio, is in two places: 4% in Intercontinental U.S. Real Estate Investment Fund, managed by Intercontinental Real Estate, and 9% in the $71.8 billion Massachusetts Pension Reserves Investment Trust Fund's real estate sleeve.
This will be a new allocation for the plan. Funding will come from the PRIT real estate sleeve.
The RFP is available on Dahab's website. Proposals are due by 5 p.m. EDT on Sept. 5. Mr. McNeillie said he expects a selection to be made within the next six months.