Ohio Bureau of Workers' Compensation, Columbus, is fully redeeming its investment in the TIAA-CREF Core Property Fund, spokesman Tony Gottschlich said in an e-mail.
The bureau, which oversees $25.3 billion in state insurance fund assets, redeemed its $69 million in the open-end commingled core real estate fund primarily due to the “complicated restructuring of the fund made by TIAA-CREF,” Mr. Gottschlich said.
TH Real Estate, TIAA-CREF's real estate division, announced in September it would be transforming the $2 billion Core Property Fund into the U.S. Cities Fund series consisting of four open-end sector funds and one open-end diversified fund.
The bureau originally committed $50 million to the fund in 2012. The assets from the liquidation will “fund future capital commitments not yet funded that have already been made to core-plus and value-added real estate funds,” Mr. Gottschlich said.