The Maine Public Employees Retirement System is seeking a real estate consultant, IPE Real Estate reports. The pension fund, which will start the search within the next six months, decided in July last year to increase its target real estate allocation to 10% from 5%.
At the end of 2008, the pension fund had a real estate portfolio valued at $478 million, split into a private real estate portfolio worth 4% of its real estate allocation and 1% invested in public real estate investment trusts (REITs) through a REIT index fund run by Barclays Global Investors.
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