Florida commits $164m to real estate
The Florida State Board of Administration has committed $163.8 million to real estate, divided between two managers, Prologis and J.P. Morgan, on behalf of the board managed $149.4 billion Florida Retirement System Pension Plan. The commitments were confirmed byJohn Kuczwanski, communications manager with the board, who noted in an email that both investments are good diversifiers to the board’s current real estate investment line-up.
Prologis received $100 million for its Targeted U.S. Logistics Fund, an open-end core-plus fund that targetsindustrial properties near airports, seaports and highway systems in major U.S. metropolitan areas. The fund has been operating since 2004.
J.P. Morgan received €50 million ($63.8 million) for its European IP Fund III, an opportunistic pooled real estate fund that focuses primarily on the UK, Germany and France.
The FSBA raised the target allocation to real estate for the FRS Pension Plan from 7 percent