Florida State Board of Administration (SBA) has made about $400m (鈧�359m) worth of new real estate commitments, half of which it said is being put into industrial funds.
The $203bn pension fund told 91传媒在线 that it has put $150m into the Core Plus Industrial Fund and $50m into the Targeted US Logistics Fund, managed by and Prologis, respectively.
The reason for this move is that industrial property is 鈥渟howing strong fundamentals through the growth of the e-commerce business鈥�, Florida SBA said.
As previously reported, Los Angeles County Employees鈥� Retirement Association helped launch the RREEF Industrial Fund, as a cornerstone investor, in June 2017. The open-ended fund is intended to grow to $2bn in size through third-party capital raising.
Target markets for the fund include Southern California, the San Francisco Bay Area, Seattle, Denver, Dallas, Chicago, Atlanta, Miami and New York/New Jersey.
DWS told 91传媒在线 that the fund pursues both core and non-core industrial 鈥渁ssets that are located in land constrained, key barrier to entry markets that are in close proximity to large population bases鈥�.
The open-ended Prologis core US fund has a total value of $7.9bn, according to the real estate investment trust鈥檚 quarterly earnings report.
Prologis holds a 27.2% ownership stake in the fund.
Florida SBA has made a 鈧�100m commitment to BlackRock Europe V, which is targeting a 鈧�1.25bn fundraise, and a $100m commitment to Blackstone Real Estate Partners IX, a fund expected to raise $20bn.
