Ohio Police & Fire Pension Fund, Columbus, added a combined $48.8 million to real estate portfolios run by RREEF and INVESCO Real Estate, said David Graham, spokesman. The assets had been run by Lowe Enterprises Investment Management, which resigned, Mr. Graham said. Lowe had been on the $8.1 billion fund's watchlist for performance and "had been given several stipulations to bring up their performance. After examining those, they chose to tender their resignation." Officials at Lowe were not available for comment.
Mr. Graham declined to provide details on the value of the RREEF and INVESCO portfolios.
As of July 31, the fund had 4.4% of its assets invested in real estate; its target is 8%, Mr. Graham said.