The $17.58 billion Ohio Police & Fire Pension Fund (OP&F) has moved to rebalance its real estate portfolio at the recommendation of its real estate consultant, The Townsend Group.
The rebalancing includes turning off dividend reinvesting programs (DRIPs) for five funds and also requesting partial redemptions from six funds in the OP&F real estate portfolio.
The approved plan will turn off the DRIPs for LaSalle Property Fund, Prime Property Fund, Cortland Growth and Income Fund, Lion Industrial Trust, and Ventas Life Science and HealthCare Fund.
Redemption requests were also approved for Heitman HART ($10 million); LaSalle Property Fund ($15 million); PRISA SA ($20 million); Brookfield Premier RE Partners ($30 million); Manulife U.S. Real Estate Partners ($40 million); and Lion Industrial Trust ($30 million).
OP&F said the changes were made after a portfolio review and are driven by the current real estate market environment, reduction in t
