Florida State Board of Administration (SBA) has disclosed the acquisition of a $93.6m (€84.9m) US industrial asset via its existing separate account relationship with MetLife Investment Management.

The pension fund said in its first-quarter report that it acquired the 792,081sqft first phase of the Rock Hill Commerce Center industrial asset in Charlotte, North Carolina from Strategic Capital Partners. The acquired asset comprises two fully-leased industrial buildings.

Florida SBA hired MetLife back in 2016 for a non-discretionary core real estate mandate.

MetLife declined a request for comment.

Florida SBA said that during the first quarter of 2023 it also made a $150m commitment to Cerberus Institutional Real Estate Partners VI, Cerberus Capital Management’s latest opportunist global real estate fund.

Florida SBA told IPE Real Assets that Cerberus is well positioned to act on “compelling investment opportunities across the capital structure and in its investment history has generated strong risk-adjusted returns in different economic and market environments”.

Florida SBA also added to its infrastructure portfolio by placing $150m in the Blackstone Green Private Credit Fund III fund. 

Blackstone’s Green Private Credit Fund III fund is expected to achieve its $7bn hard cap, the manager’s president and COO Jonathan Gray said during a first-quarter earnings call.

The fund targets renewable energy, infrastructure, energy transition, sustainability and related sectors.

Florida SBA expects Fund III to capitalise on the investment opportunities in the alternative energy space by providing flexible credit capital to companies and assets that focus on energy transition issues principally in North America and Europe.

To read the latest edition of the latest IPE Real Assets magazine click here.

Topics

Related Companies