Florida State Board of Administration (SBA) has made a $150m (€137.2m) commitment to the Westport Capital Partners-managed WCP NewCold III fund.
Westport is seeking to raise $2bn for New Cold Fund III, a fund that will be investing capital in cold storage warehouses.
As previously reported, New Cold Fund III’s portfolio will include an interest in NewCold Holdings as part of a recapitalisation of New Cold’s existing portfolio of 14 assets developed with prior investment vehicles managed by Westport Capital.
The fund will also engage in new development. New Cold’s existing assets are located in North America, Europe, and APAC.
The fund will seek transactions that are expected to generate net internal rates of return of 20% over their respective investment horizons.
Florida SBA has expanded its US residential real estate portfolio with the acquisition of two build-to-rent projects worth $99m in total.
The first project, a $52m investment, is located in Melissa, Texas. The second project, valued at $47m, is situated in Greensboro, North Carolina. Both projects are part of a separate account with Heitman and will involve the construction of build-to-rent townhomes.
Florida SBA also invested $115m in US self-storage properties in Oklahoma and Texas, managed by Heitman.
The pension fund has also provided a $43.1m loan to Invesco for an industrial property in Charlotte.
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