Los Angeles Fire & Police renews 2 Principal REIT portfolios

Los Angeles Fire & Police Pension System renewed two real estate mandates totaling $520 million managed by Principal Real Estate Investors, said Raymond Ciranna, general manager of the $19.5 billion pension fund. in an e-mail.

The board at its Oct. 6 meeting extended Principal Real Estate Investors’ $345 million domestic real estate investment trust and its $175 million global REIT mandates until Nov. 30, 2019.

Separately, the board approved changes in its investment policy statement that would, in part, place a maximum size for a single investment within an individually managed real estate account of $80 million. Currently, the investment policy statement has a single property size maximum of 5% of the value of the individually managed account, which would amount to about $96 million.

Pension officials also expanded the outreach of the emerging manager policy in its investment policy statement to include disabled veterans-, and lesbian, gay, bisexual and transgender-owned firms. The pension plan board also extended maximum manager contract terms to five years from three years.