Ohio Bureau of Workers Compensation (BWC) has received $25m (€20.7m) of its investment from a Clarion Partners industrial fund as part of $96.5m worth of redemption payments received.

In November last year, IPE Real Assets reported that the provider of workers’ compensation insurance was planning to redeem up to $875m capital out of core and core-plus open-ended real estate funds to be used as part of payments being made to workers adversely impacted by the coronavirus pandemic.

Ohio BWC said in a meeting document that the $96.5m worth of payments received comprised mainly of the $25m received from its $157m invested in the Clarion Lion Property Trust and a $57.3m from the AEW Core Property Trust.

Bruce Dunn, Ohio BWC’s CIO said the decision to redeem from the industrial fund was made for portfolio rebalancing purposes and that Ohio BWC recognises that industrial real estate assets remain a desirable asset class.

Prior to filing the redemption, the life company had invested 26% of its real estate portfolio in industrial assets compared with NCREIF ODCE Index’s 20.4%.

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