Florida State Board of Administration has approved a €50m (€39.1m) commitment to JP Morgan Asset Management’s opportunistic European IP Fund III fund.

The fund has also approved a $100m allocation to Prologis’ Targeted US Logistics fund.

As revealed by IP Real Estate last week, JP Morgan’s opportunistic fund is aimed at assets in the UK, Germany and France.

The fund manager can raise as much as €750m for the fund, which will invest in office, industrial, retail and residential properties, according to Florida SBA. Buildings with low vacancy and in need of refurbishment and redevelopment are being targeted by the fund.

As reported, the fund is currently investing in office properties in Berlin and Paris. With leverage, the fund could invest as much as €3bn across Europe.

Florida said it would continue to identify international pooled fund opportunities as part of its plan for the current fiscal year.

The scheme is also looking to recruit a new portfolio manager, as well as convert completed/stabilised developments to core, while targeting development opportunities in a “build-to-core” programme.

The core, open-ended US Logistics Fund, first established in October of 2004, is 48% invested in the Pacific region, including California, Oregon and Washington.

Florida said its largest acquisition to date was the $93.5m purchase of the 238-unit TW Nine North apartment complex in Colorado through L&B Realty Advisors.

Florida has also recently sold two office buildings for $202m. The Nyala Farms office asset in Westport, Connecticut was sold for Florida by L&B Realty, while One Boca Place was sold through Invesco Real Estate.

The pension fund has allocated $900m for new real estate investment opportunities, split into $500m for core and $400m for non-core. Capital will be invested via both funds and direct ownership through separate account managers.

Florida has now invested 7.5% of its total plan assets in real estate, with a long-term targeted allocation of 10%.