St. Louis Firefighters' Retirement Plan committed $3 million to Principal U.S. Property Account, an open-end core real estate fund managed by Principal Real Estate Investors, said Janice Fairless, human resources specialist.
The $33 million pension fund issued an RFP in April following a change to its asset allocation due to the growth of the fund, which was created on Feb. 1, 2013.
The pension fund added a 5% real estate target, while international equity dropped to 25% from 30%.
Other finalists were American Realty Advisors and Deutsche Asset Management.
Investment consultant Dahab Associates assisted.
