Florida State Board invests $17m in Montecito III
Investors - MAY 10, 2024

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Florida State Board invests $17m in Montecito III

by Lewis Dayton

The Florida State Board Administration (Florida SBA) has invested $16.8 million toward Montecito III after a $333.25 million investment it made toward Montecito III in third quarter 2023.

Montecito III is a joint venture between Heitman Capital Management and Montecito Medical, one of the largest privately held acquirers of medical real estate in the United States.

As of June 30, 2023, real estate investments made up 11.2 percent ($20.75 billion) of the Florida Retirement System Pension Plan’s $185.7 billion portfolio, which is managed by the Florida SBA, in addition to the Florida Retirement System Investment Plan, the Florida Hurricane Catastrophe Fund, Florida PRIME, State Board of Administration Finance Corporation.

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