Florida State Board of Administration (SBA) has awarded a newly created $400m (€340m) real estate investment trust (REIT) mandate to existing managers DWS and Cohen and Steers.
The pension fund said it is allocating $250m to Cohen and Steers and $150m to DWS. Cohen and Steers and DWS already manage a $286.4m and $678.5m REIT portfolio respectively on behalf of Florida SBA.
The new allocations have been termed Cohen and Steers Global REIT Supplement and DWS Global REIT Supplement.
Both managers declined a request comment.
“We saw a disconnect between public and private pricing that we wanted to take advantage of,” Florida SBA said.
Last month, IPE Real Assets reported that the pension fund is adding a $400m mandate to its global $1.7bn REIT strategy. The pension fund’s REIT managers also include AEW and Invesco.
Florida SBA has also made $25m commitment to the CBRE Asia Value Partners V fund. The pension previously made a $75m commitment to the value-add Asia real estate investment fund.
To read the digital edition of the latest IPE Real Assets magazine click here.
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