Florida State Board of Administration (SBA) has made $410m (€383m) worth of real estate investments through separate account managers as it reshuffles its portfolio, the pension fund disclosed as part of its board meeting document.

The $190.4bn pension fund allocated $233m to two industrial properties, comprising an industrial development project in Charlotte, North Carolina managed by Invesco Real Estate, and an existing industrial property in Groveport, Ohio managed by MetLife.

The pension fund invested an additional $141m towards three residential assets, two of which are managed by MetLife. 

One investment involved the acquisition of a recently built residential property in Orlando and the other investment involved a residential development project, also located in Orlando.

The third residential asset is a development project planned in Nashville which is managed by Heitman.

The pension fund further expanded its portfolio by acquiring two existing fully leased medical office buildings in Las Vegas and Richmond, Virginia for $36m with Heitman.

To balance the new investments, Florida SBA exited positions in some existing holdings. This includes redemptions from open-ended core and value-add funds, as well as divestment from a global real estate investment trust (REIT) portfolio. 

Miami, Florida

Source: Pexels

The pension fund issued a $107m redemption from the JP Morgan Strategic Property Fund and $102m from the JP Morgan Special Situations Property Fund.

Florida SBA said it also divested a total of $2.1bn from its global REIT portfolio, previously managed by AEW, Cohen & Steers and DWS.

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