SBA Florida discloses more than $400m in real estate commitments
State Board of Administration of Florida (SBA) – Florida Retirement System has disclosed $424 million in new real estate commitments for second quarter 2020.
Florida committed $250 million to Cohen & Steers’ Global REIT Securities strategy, and $150 million to a global REIT managed by DWS Distributors. SBA has existing relationships with both managers.
SBA also invested with a new manager: CBRE Global Investors. The Florida pension fund committed $24 million to CBRE Asia Value Partners V, a closed-end noncore real estate fund.
As of July 30, SBA had an estimated $210.3 billion in assets under management, and the estimated value of the FRS Trust Fund was $165.95 billion.