Mass PRIM eyes up to $400m direct real estate investments | News

Massachusetts Pension Reserves’ Investment Management Board (Mass PRIM) plans to expand its internally managed direct real estate investment strategy by up to $ 400 million this year.

Mass PRIM currently has a $ 698.7 million direct investment program that represents 4.9% of the Pension Fund’s total real estate portfolio. The fee savings for the direct investment portfolio are estimated at $ 1.5 million per year.

The long-term goal is to provide up to 15% of the total real estate net asset value for the internal investment program.

Mass PRIM said it would also consider making some additional investments either through its separate account managers or some funds on an opportunistic basis.

One of his investment plans for this year would be to continue using real estate mutual funds as liquidity for his new acquisitions.

In 2020, Mass PRIM completed two core acquisitions for $ 91 million and one non-core investment of $ 200 million, while selling three core assets for $ 268 million.

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