Illinois State Board of Investment, Chicago, rescinded its redemption request to terminate the $103 million J.P. Morgan Strategic Property Fund, said William R. Atwood, executive director of the $10.1 billion board.
The board made the decision on the recommendation of Townsend Group, its real estate consultant. The property fund planned to fulfill the redemption by the end of June.
The board placed the request for redemption in 2007 when the real estate market began to decline, at Townsend's recommendation. The board accepted the new view of Townsend that real estate valuations are near the bottom and it's better to stay with the fund in the current environment.
