BlackRock has begun raising capital for its fifth European opportunistic real estate fund and has attracted investment from the Florida State Board of Administration (SBA).
A board meeting report by Florida SBA said BlackRock Europe Property Fund V was an opportunistic fund targeting assets including office, retail and student housing.
According to a source at the $203bn (€179bn) pension fund, Florida SBA has approved an €88m commitment.
BlackRock did not respond to a request for comment.
The board meeting document also revealed that Florida SBA had traded some US medical offices.
Florida SBA acquired two medical office buildings in Virginia and Rhode Island through separate account manager Heitman. The assets were acquired for $79.8m using $51.5m of equity.
The pension fund sold a national portfolio of medical office buildings for $169m and senior housing assets in Northern Kentucky and Southern Ohio for $88.6m.