Seattle City Employees' Retirement System redeemed its $69 million investment in Heitman America Real Estate Trust.
The $3.9 billion pension fund's board approved the redemption from the open-end core real estate strategy at its Dec. 9 meeting, said Jason Malinowski, chief investment officer, in an email.
Staff and investment consultant NEPC recommended the redemption "because they identified better opportunities," board meeting minutes said. The opportunities were not identified, and Mr. Malinowski could not immediately provide further information.
SCERS originally hired Heitman to manage the strategy in 2013 following an RFP process.
As of Sept. 30, the pension fund's actual allocation to real estate was 8.4%; the target is 12%.
