As of March 31, the size of Cornerstone’s portfolio was $123.3 million, with an additional $54.3 million for additional investments.
Reasons for the termination could not be confirmed by press time, although materials prepared for the June 26-27 board meeting indicate it was personnel changes and the small size of the allocation in comparison to the fund’s other core real estate separate account managers.
The assets will be transferred to the three other managers. Staff recommended $76.4 million be transferred to UBS Realty Investors, boosting its portfolio to $383.9 million; $54.3 million to LaSalle Investment Management, bringing its total to $238.4 million; and $45.3 million to Sentinel, for a total of $201.1 million, said materials prepared for the board meeting.
Ms. Hall could not be reached for more information by press time.