Ohio Police & Fire Pension Fund is redeeming $100m (€90.5m) from open-ended property funds managed by JP Morgan, USAA Eagle Real Estate and Heitman to help reduce its exposure to the retail and redevelopment property sectors.

The $14.7bn pension fund, which had previously revealed plans to redeem from some unmanned managers, said it will withdraw $40m for the JP Morgan Strategic Property Fund, $25m for the Heitman America Real Estate Trust and $35m from the USAA Eagle Real Estate Fund.

It is currently unknown when the capital from these funds will be returned.

The pension fund has been an investor in the JP Morgan and Heitman funds since 2007 with investments worth $217.3m and $146.7m respectively.

Ohio Police It first invested in USAA Eagle six years ago and the current market value of the investment is $58.6m.

Ohio Police & Fire said the changes are part of a continual rebalancing effort driven primarily by portfolio construction needs and provide a “revised portfolio with a more attractive projected risk-return profile”.

The approved changes will reduce exposure to retail and development market sectors and increase exposure to the industrial sector, it said.