The Florida State Board of Administration (Florida SBA) has closed a $248.5m (€231.4m) equity investment in a portfolio of US self-storage assets.

This transaction is one of few direct investments made by a US public pension fund in the self-storage property type, according to industry sources.

Most pension fund investments in the sub-sector are done through funds, with managers such as PGIM Real Estate.

Florida SBA invested through its separate account with Heitman.

The pension fund has a 75% interest in the portfolio in return for its equity investment.

The other 25% is held by National Storage Affiliates Trust, a publicly traded self-storage REIT.

The total purchase price of the portfolio was $630m, funded with equity and 50% debt.

The 66 properties are spread across 12 US states, with the largest concentrations in the Philadelphia metro, the Florida gulf coast, northern Alabama and California.

The Florida market has the most assets, with 21 properties totalling more than 35% of the portfolio’s net operating income.

The total portfolio has a weighted average of 20 years.

Since 2013, around 70% of the assets have undergone some sort of renovation.

Florida SBA has been actively investing in and opting out of funds.

The pension fund stated in a board meeting document that it approved two new fund commitments totaling $125m.

These were $75m into a global closed-end fund and $50m into a domestic closed-end fund.

Florida SBA also filed a $62.5m redemption to take its investment out of a US-based open-ended fund.

The pension fund declined to identify the three funds, with information to be released in February next year.