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Sign in Sign up for a FREE subscriptionMiami Beach commits $40m to U.S. real estate fund
The $836 million Miami Beach Firefighters’ and Police Officers’ Pension Plan has committed $40 million to U.S. Real Estate Investment Fund (U.S. REIF), according to John McCann, senior consultant at AndCo Consulting, the investment consultant for the pension fund.
The pension fund made the commitment after the board decided to increase its real estate target to 10 percent from 5 percent.
U.S. REIF is an open-ended real estate fund managed by Intercontinental Real Estate Corp., a national real estate investment, development and management firm. Diversified nationally, the foundation of the portfolio will be yield-driven assets consisting of all property types, including office, multifamily, industrial, retail and mixed-use. While the strategy is predominantly focused on core and core-plus properties, U.S. REIF also has the ability to invest on a select basis in value-add opportunities.
The firm’s most recent acquisition was a newly constructed class AA off
