Ohio Police & Fire Pension Fund is redeeming $145m (€141m) from core open-ended property funds to help rebalance its real estate portfolio.

The pension fund said it has approved the redemption of $10m from the Heitman America Real Estate Trust, $15m from LaSalle Property Fund, $20m from PRISA, $30m for Brookfield Premiere Real Estate Partners, $40m for Manulife US Real Estate Partners and $30m for the Lion Industrial Trust.

Ohio Police & Fire Pension Fund still holds positions in the funds following the partial redemptions.

The $18bn pension fund said it has also suspended its dividend re-investment programme for the LaSalle Property Fund, Prime Property Fund managed by Morgan Stanley, Cortland Growth and Income Fund, Lion Industrial Trust and Ventas Life Science and HealthCare Fund core open-ended funds.

The changes being made by Ohio Police & Fire Pension Fund follows a portfolio review as part of an ongoing process of rebalancing its real estate portfolio.

Real estate accounts for $2.06bn or 11.5% of the pension fund’s total investment portfolio compared with a 12% target allocation for the asset class.

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