The San Diego City Employees' Retirement System is making a $55 million investment in MetLife Inc.'s open-ended Metlife Core Property Fund LP, IPE Real Assets reported, citing a board meeting report.

San Diego City Employees is making the initiative following the advice of its consultant, The Townsend Group, on the back of its support for the fund's strategy of investing in markets, such as Denver, Austin, Seattle, Charlotte and Phoenix, that see employment growth and higher cap rates, the publication noted.

The investment commitment will be funded using capital generated from the planned disposal of some remaining assets in a DWS-managed separate account, according to the Jan. 9 report.