FSBA to invest $900m into real estate in 2014 and 2015
The Florida State Board of Administration is looking to invest approximately $500 million into core real estate and $400 million into noncore real estate in 2014 and 2015, continuing the board’s march to bring its 7.47 percent actual allocation to real estate up to its target allocation of 10 percent (both percentages are relative to the board-managed $147.9 billion Florida Retirement System Pension Plan, not the board’s total assets under management).
The board upped its target to real estate from 7 percent to 10 percent at the end of 2013. Currently, the board has no set timeframe to reach its target allocation to real estate.
“We will get there when we find the right investments,” notes Dennis Mackee, director of communications at FSBA.
The board will also look to conv