NOVEMBER 26, 2013

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Ohio Police and Fire commits $50m to real estate

by Reg Clodfelter

The Ohio Police and Fire Pension Fund approved a $50 million commitment to Exeter Industrial Value Fund III at its Nov. 19 board meeting. Dave Graham, communications manager at OP&F, has confirmed the commitment. This is a follow-on investment to the series. OP&F committed $35 million to Exeter Industrial Value Fund II in April 2011.

The commingled fund, which launched this month and is managed by Exeter Property Group, is a value-added fund that will acquire and/or develop large and multi-tenant logistics facilities throughout the United States. The fund will primarily invest in major distribution centers. It has a target unlevered return of 10 percent and a target levered return after fees of 13 percent to 14 percent. The fund has target leverage of 65 percent.

This investment will fit within OP&F’s tactical real estate portfolio and i

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