GLOBAL - The Ohio Police and Fire Pension Fund has begun the process of filing redemption queue requests for two of its commingled funds.

One of these will be for the pension fund's investment in RREEF America REIT II. 

The request will be placed either this year or in 2011.

Ohio Police and Fire had made a $50m (€39.2m) investment in the commingled fund in 2006 that is now valued at $31m.

The other request will be for an investment made into the INVESCO Core Real Estate fund.

Ohio Police and Fire had traded seven separate account properties that had been managed by INVESCO Real Estate in a separate account relationship into the commingled fund in 2007.

At the time of the trade, the investment was valued at $294m - the current value is $185m.

The redemption queue issued will only be a portion of the current investment, and the actual amount of the redemption queue has not been determined at this time.

Ohio Police and Fire officials said the investor was making these moves as part of ongoing portfolio rebalancing and that the decision had been based on a number of factors. 

These include how the commingled fund's portfolio fits in the pension fund's overall portfolio, the valuations of the underlying assets in the commingled fund, the management platform and the commingled fund's fees and other terms.

Both RREEF America II and INVESCO Core are open-ended core commingled funds that have generally invested in office, industrial, retail and apartments in the US.

Ohio Police and Fire has a real estate portfolio valued at $661m, as at the end of July. 

This means the fund has invested 6.25% of its $10.6bn total plan assets in real estate, for which it has a 12% targeted allocation.
 

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