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Oregon pension fund cuts REIT exposure, ends CRE debt investing

The Oregon Public Employees Retirement Fund is cutting its exposure to real estate investment trusts and closed a $430 million account invested in real estate securitized debt, IPE Real Assets reported, citing a report from the pension fund's board.

Oregon PERF redeemed a $70 million REIT portfolio managed by Cohen & Steers and an $854 million portfolio managed by LaSalle Investment Management, after having decided in 2016 to lower its REIT allocation to 5% from 20%, according to the report.

Additionally, the pension fund closed its Talmage-managed account, which had investments in commercial mortgage-backed securities and collateralized debt obligations, as the pension fund is only investing in real estate equity and not debt, Anthony Breault, senior investment officer for real estate at the Oregon Investment Council, told the publication.

Oregon PERF intends to reinvest the proceeds in core-plus or value-add real estate through funds or separate accounts, according to the report.