Florida State Board of Administration (SBA) has added $400m (€367.5m) of capital to its real estate investment trust (REIT) portfolio via new allocations to three managers.

The pension fund told IPE Real Assets that it made a $250m commitment to Cohen & Steers, invested $100m with AEW Capital Management and invested $50m through DWS’s RREEF.

Florida SBA’s real estate portfolio holdings dipped below its target allocation due to rising interest rates prompting the pension fund to sell REITs over the past year.

The new allocation to REITs, lifts the pension fund’s REIT exposure up from 7.3% to 9.2% of the real estate portfolio compared with an allocation target of 10%.

Florida SBA expects a busy year for its real estate portfolio’s equity holdings in 2024 as it targets both non-core and core sectors, according to the pension fund’s meeting document.

It said will selectively pursue development opportunities in structurally resilient sectors such as industrial and residential, but declined to give figures on how much capital it expected to invest during the period.

Florida SBA said it expects to avoid sectors that have uncertain futures, citing traditional office buildings as an example.

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