Florida State Board of Administration (SBA) has made $410m (鈧�383m) worth of real estate investments through separate account managers as it reshuffles its portfolio, the pension fund disclosed as part of its board meeting document.
The $190.4bn pension fund allocated $233m to two industrial properties, comprising an industrial development project in Charlotte, North Carolina managed by , and an existing industrial property in Groveport, Ohio managed by MetLife.
The pension fund invested an additional $141m towards three residential assets, two of which are managed by MetLife.
One investment involved the acquisition of a recently built residential property in Orlando and the other investment involved a residential development project, also located in Orlando.
The third residential asset is a development project planned in Nashville which is managed by .
The pension fund further expanded its portfolio by acquiring two existing fully leased medical office buildings in Las Vegas and Richmond, Virginia for $36m with Heitman.
To balance the new investments, Florida SBA exited positions in some existing holdings. This includes redemptions from open-ended core and value-add funds, as well as divestment from a global real estate investment trust (REIT) portfolio.
The pension fund issued a $107m redemption from the JP Morgan Strategic Property Fund and $102m from the JP Morgan Special Situations Property Fund.
Florida SBA said it also divested a total of $2.1bn from its global REIT portfolio, previously managed by , and .
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