Pinellas Park (Fla.) Firefighters’ Pension Fund committed $2.5 million to a core-plus real estate fund managed by Intercontinental Real Estate, said Matthew Pruitt, the city’s risk management and pension director, in an e-mail.
It is the $52 million pension fund’s first core-plus real estate commitment. The pension fund conducted an invitation-only search and interviewed Intercontinental and Principal Real Estate Investors at its April 19 board meeting.
The commitment is the final of three inaugural core-plus real estate commitments for the city’s three pension funds. Earlier this year, the $72 million General Employees’ Pension Fund committed $3.5 million, and the $55 million Police Officers’ Pension Fund committed $2.8 million, to Intercontinental Real Estate funds.