NORWAY - A Norwegian insurance company is looking for managers for a real estate portfolio in excess of $40m (€14.8m) using IPE-QUEST.
The first brief is for exposure to US & Canada property via an active Core, Core+ or opportunistic mandate benchmarked against the NCREIF/NAREP or total return.
The second brief is for the Asia Pacific area via an active total return Core, Core+ or opportunistic mandate. A benchmark might be considered.
The insurer is interested in both open- and close-end funds, as well as pure sector funds. It is not looking at REITs for the time being.
Several managers will be appointed each getting up to $40m. Interested managers must state performance to end-March 2007 net of fees.