Florida State Board of Administration (SBA) has terminated Invesco as one of its global real estate investment trust (REIT) managers.

The pension fund confirmed to IPE Real Assets that it was dropping Invesco due to a portfolio reallocation.

The value of the portfolio at the time of the termination was $261m (€220m).

The proceeds will be placed into the cash reserves account for the real estate asset class.

Florida SBA continues to invest with Invesco and has approved a $40m co-investment alongside Invesco Strategic Opportunities III, a real estate debt fund it committed $75m to in 2019.

Max Swango, managing director and global head of client portfolio management for Invesco, said: “The Florida State Board of Administration has been an important strategic relationship of ours for many years.

“We are honoured that they continue to invest with us where they see best opportunities.”

Florida State Board of Administration (SBA) also committed $200m to Heitman’s recently closed global core-plus real estate fund.

The investment means the pension fund represents about a quarter of $750m raised for Heitman Global Real Estate Partners II.

Florida SBA is investing in the fund to increase the diversification within its real estate portfolio.

The pension fund is also ramping up its industrial exposure with a $100m commitment to the RREEF Core Plus Industrial Fund, following a $150m commitment it made to the DWS-managed fund in 2019.

It is also investing $150m in Carlyle Property Investors and $75m in Heitman Value Partners V.

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