Florida State Board of Administration (SBA) is redeeming $150m (€136.6m) out of its investment in the JP Morgan Strategic Property Fund and is placing capital in two open-ended industrial funds to help rebalance part of its core portfolio.

Florida SBA has been an investor in the Strategic Property Fund since 2003. As at the end of last year, the pension fund’s investment was valued at $212.5m.

JP Morgan did not respond to a request for comment.

The $205bn pension fund said it is making a $150m commitment to the RREEF Core Plus Industrial Fund and $50m to the Prologis Targeted US Logistics Fund.

The pension fund has a total of nine investments in its core open-ended portfolio.

The other funds in the portfolio are Carlyle Property Investors with an investment valued at $105.7m, Prime Property Fund with $406.4m and Principal US Property Account with $428.4m.

The PRISA fund holds $366.8m of the pension fund’s investment, RREEF America REIT II has $329.5m and UBS Trumbull has $73.9m.