Florida SBA allocates $125m to CapMan and Heitman funds

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Florida State Board of Administration is investing $125m (€107m) in real estate funds targeting Nordic and US markets.

The pension fund confirmed to IPE Real Assets that it had approved a $50m commitment to the CapMan Nordic Real Estate Fund II.  

John Kuczwanski, manager of external affairs for the pension fund, said: “We view the targeted region for the fund as one of the healthiest in Europe.”

The fund, managed by CapMan, will be buying assets in Sweden, Denmark, Finland and Norway. Most of the properties for the commingled fund will be a combination of office, retail and residential properties.

The fund’s manager is planning a €400m capital raise. 

Florida SBA said it expects the value-added fund to generate a 15% gross internal rate of return.

The commitment follows a $50m investment in CapMan’s first fund in 2014.

Florida SBA has also approved a $75m allocation to Heitman Value Partners IV, which will invest across office, industrial, retail, apartment and hotel markets in the US.

Kuczwanski said: “This commingled fund provides our portfolio a diversification of property types.” 

In 2015, Florida SBA invested $50m in the third Heitman Value Partners fund.

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