Chicago Firemen's Annuity & Benefit Fund hired Principal Real Estate Investors to manage a $35 million global real estate investment trust portfolio, while CBRE Global Investors and Heitman were tapped as core real estate managers to run $18 million each, recently released board meeting minutes showed.
The $875 million pension fund issued an RFP in September for a firm to manage the fund's 4% target to global REITs. Another RFP in December sought at least one manager to manage a commingled fund for the pension fund's 4% target to real estate. Funding sources for the portfolios were not disclosed.
Investment consultant Callan assisted.
Lorna Scott, chief investment officer, did not return a phone call seeking further information.