Ohio Police & Fire Pension Fund (OP&F) has approved $186.4m (鈧�155.9m) worth of redemptions out of open-ended US real estate funds as part of an ongoing plan to shift the pension fund鈥檚 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 91传媒在线: 鈥淭hese moves are continuing a long-standing initiative to shift exposure to industrial and apartment assets and part of the pension fund鈥檚 normal open-ended rebalancing process.鈥�
These actions were taken based on the recommendation of the pension fund鈥檚 real estate consultant, The Townsend Group.
It is currently unknown how the proceeds from the redemptions will be re-invested.
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