Ohio Police & Fire Pension Fund (OP&F) has approved $186.4m (€155.9m) worth of redemptions out of open-ended US real estate funds as part of an ongoing plan to shift the pension fund’s exposure to industrial and apartment assets.

OP&F said it is redeeming the full $86.4m investment in the Jamestown Premier Property Fund, $50m from the $118.5m it has in the Heitman Core Property Fund and half of the $99.9m held in the JP Morgan Strategic Property Fund.

The $15.5bn pension fund told IPE Real Assets: “These moves are continuing a long-standing initiative to shift exposure to industrial and apartment assets and part of the pension fund’s normal open-ended rebalancing process.”

These actions were taken based on the recommendation of the pension fund’s real estate consultant, The Townsend Group.

It is currently unknown how the proceeds from the redemptions will be re-invested.

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