Pembroke Pines (Fla.) Fire and Police Retirement System will put $5...

Pembroke Pines (Fla.) Fire and Police Retirement System will put $5 million into value-added real estate, confirmed Karen Warner, plan administrator. Officials at the $208 million plan are making the move as part of its $20 million allocation to real estate and alternatives for greater diversification. A search is under way for a manager; funding will come from a general rebalancing and cash, and no managers are expected to be terminated. Consultant Dahab Associates is assisting. Plan officials will probably make a selection in January, but an exact date has not been set, according to David Lee, Dahab director of manager research.