Ohio Police & Fireplace Pension Fund is redeeming $145m (€141m) from core open-ended property funds to assist rebalance its actual property portfolio.
The pension fund stated it has authorized the redemption of $10m from the Heitman America Actual Property Belief, $15m from LaSalle Property Fund, $20m from PRISA, $30m for Brookfield Premiere Actual Property Companions, $40m for Manulife US Actual Property Companions and $30m for the Lion Industrial Belief.
Ohio Police & Fireplace Pension Fund nonetheless holds positions within the funds following the partial redemptions.
The $18bn pension fund stated it has additionally suspended its dividend re-investment programme for the LaSalle Property Fund, Prime Property Fund managed by Morgan Stanley, Cortland Development and Earnings Fund, Lion Industrial Belief and Ventas Life Science and HealthCare Fund core open-ended funds.
The modifications being made by Ohio Police & Fireplace Pension Fund follows a portfolio evaluate carried out as a part of an ongoing strategy of rebalancing its actual property portfolio.
Actual property accounts for $2.06bn or 11.5% of the pension fund’s complete funding portfolio in contrast with a 12% goal allocation for the asset class.
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