Florida to invest up to $600m in noncore real estate in 2014
The $176.4 billion Florida State Board of Administration is looking to invest up to $600 million in noncore strategies in 2014, according to Dennis MacKee, director of communications with the board. This decision comes on the heels of the board’s resolution in 2013 to up its allocation to real estate from 7 percent to 10 percent. As of Dec. 31, 2013, the FSBA has an allocation real estate of 7.18 percent.
The board recently committed $75 million to the European Property Investors Special Opportunities Fund III, managed by Tristan Capital Partners. The fund launched in August 2012 with a €750 million ($1.04 billion) fundraising goal, which it exceeded by more than 20 percent when it held a €950 million ($1.32 billi