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Illinois pension fund to reallocate UBS property fund investment

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Illinois pension fund to reallocate UBS property fund investment

State Universities Retirement System of Illinois is redeeming $398 million of its investment in UBS' flagship U.S. real estate fund, and reinvesting $300 million into core-plus real estate strategies and $60 million into noncore real estate, IPE Real Assets reported, citing a board meeting document.

The units being withdrawn from the UBS Trumbull Property Fund, which had assets under management of more than $23.6 billion in March, will likely be valued at about $404 million once the redemption is effected in 2018, according to the report.

The pension fund reportedly plans to inject $35 million into the Brookfield Strategic Real Estate Partners III fund, Brookfield Asset Management Inc.'s latest global opportunity vehicle with a fundraising target of $10 billion.

IPE noted that the pension fund's real estate portfolio is underallocated to value-added and opportunistic investments.

Brookfield did not comment on the matter, according to the publication.