Florida State Board of Administration (SBA) has filed redemptions totalling $150m (€128m) from two core open-ended core real estate funds in the US, as it rebalances its portfolio.

The pension fund said it is taking $100m out of the UBS Trumbull Property Fund and $50m from the JP Morgan Strategic Property Fund and will reallocate the capital.

These moves were not related to investment performance. Florida SBA said: “Both were partial redemptions to rebalance and reallocate funds within the overall portfolio.”

The pension fund will still have $345m invested in the Strategic Property Fund and $191m in UBS Trumbull, according to most recent figures.

Meanwhile, Florida SBA has committed $50m to the Prologis Targeted US Logistics Fund, which has been attracting new investors after Prologis decided to transfer a portfolio of assets from its balance sheet to the vehicle.

It has also made two direct investments through Heitman, one of its separate account managers.

They comprised a $41.8m acquisition of four medical office buildings in Utah and five self-storage assets in Philadelphia and Sacramento for $30.2m.

Florida SBA already owns $248m worth of self-storage assets.