Pennsylvania SERS to Shutter Overseas REIT Strategy; Change Benchmark

The Pennsylvania State Employees’ Retirement System will soon stop investing in international REITs, and will shift that money toward domestic strategies, according to IPE Real Estate.

The pension fund is also changing the benchmark index by which its measures its $2.4 billion real estate portfolio.

More from IPE:

Pennsylvania State Employees’ Retirement System is planning to stop investing internationally in real estate investment trusts (REITs).

The $26.3bn (€24.6bn) pension fund said it would move to a dometsic strategy to “continue to strive for the highest performing investments with the lowest volatility and best value for our members”.

The $369m REIT portfolio will be rebalanced using the pension fund’s existing REIT managers, CenterSquare Investment Management and CBRE Clarion Securities.

The pension fund is also changing its benchmark, swapping the S&P Developed Market Property Index for the FTSE NAREIT US Real Estate Index.

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