Bouwinvest has allocated $65m to a US ‘last-mile’ logistics real estate fund on behalf of BPF Bouw, the Dutch construction workers pension scheme.
Bouwinvest said it is investing in High Street Real Estate Fund VI, which is managed by High Street Realty Company.
The investment is part of the Dutch investor’s strategy to increase the size of its North American real estate portfolio from €1.3bn to €1.7bn.
Bouwinvest said the fund targets small distribution properties in major markets in the eastern two-thirds of the US, including Chicago, Dallas, Houston, Altanta, New Jersey, Philadelphia, Baltimore, Washington DC and Florida.
As reported in June, the State of Wisconsin Investment Board is another investor in the fund.
Gijs Plantinga, director of Northern American investments at Bouwinvest, said: “Last-mile delivery – the final stage of the delivery of a package or product to the consumer’s home – is one of the most important steps in the supply chain, especially now that the growth of same-day delivery is growing exponentially.
“Demand for this type of real estate in major US cities is huge.”