ASB Real Estate Investments has acquired a 475,910sqft industrial property in the US state of Pennsylvania as it rebalances its $7.3bn (€6.4bn) Alliegiance Real Estate Fund.

The fund manager said it paid $42m for the portfolio of eight warehouse buildings in Bristol, which is 95% leased to 14 tenants.

Brodie Ruland, a senior vice president and northeast region head for ASB, said, “This portfolio is strategically situated adjacent to one of the region’s most important interstate arteries, with direct access to both Philadelphia and New York City, as well as points west.

“This acquisition continues the expansion of our nationwide industrial portfolio, which seeks to secure strong, income-oriented returns at this mature stage of the current real estate cycle.”

Earlier this week, ASB also bought a distribution centre in New Jersey for $83m in partnership with Cohen Asset Management for the Allegiance Real Estate Fund.

Orange County Employees Retirement System, which plans to redeem its capital from the core property fund, said 85% of the fund’s industrial assets were in data centres earlier this year.

In February, ASB sold a data centre and office complex in Texas to internet firm Equinix for $800m. The following month, it also sold its three remaining data centres to IPI Data Center Partners Management.

At the time, Robert Bellinger, the property firm’s president and chief executive, said: “Going forward, we will retain a stake in the data centre sector for the next three years through the Equinix debt securities and will have the opportunity to rebalance and further strengthen our diversified real estate portfolio.”