Florida pension fund commits $18m to real estate, timber
The $464 million Pembroke Pines (Fla.) Firefighters & Police Officers Pension Fund has committed $9 million each to Intercontinental Real Estate Corp. and Molpus Woodlands Group, according to minutes from a February board meeting.
The $9 million to Boston-based Intercontinental will be for core-plus assets, though it was unspecified whether it would be used in a specific fund or as a separate account. The $9 million to Molpus is to be a supplement to the retirement fund’s existing timber investment, though the pension fund could not be reached for details regarding their previous timber investments.
Board documents also state that the retirement fund would like to explore an investment in agriculture in the near future. In fourth quarter 2013, the fund had a to