Dallas 911 Invests in State Property
The roughly $3 billion Dallas Police & Fire Pension System (DPFP) has invested nearly $200 million in a residential property that is slated be the new “centerpiece of the Dallas Arts District.”
In a recent announcement, Richard Tettamant, the pension plan’s administrator, said that the system’s Board of Trustees and its 9,200 police and firefighter beneficiaries are “confident that [it] is a good investment.”
“This is an investment in Dallas by the people that protect and serve this community,” Tettamant said in the statement.
The new 42-story property, which will be called the “Museum Tower,” is expected to house roughly 123 luxury residences. Its development team includes Dallas-based Brook Partners and Turtle Creek Holdings.
Currently, through its “unique investment asset allocation,” Tettamant states that the Museum Tower commitment fits right into its portfolio’s strategy.
According to its 2008 Annual Report, its asset allocations included 33.7% to real estate, 19.3% to global equity, 18.3% to global fixed-income, 13.6% to global private equity, 4.7% to global asset strategies, 4.3% to U.S. small-cap, 4.1% to global natural resources and 1.2% to “other” vehicles.
Calls placed to Tettamant’s office today were not immediately returned.
For more information on related topics, visit the following:
