Florida State Board of Administration (SBA) has issued a $300m (€278.3m) commitment to a newly created self-storage investment venture with Heitman Capital Management.

The pension fund said the capital for the iStorage II venture will be invested in existing core assets in the US.

Florida SBA’s $19.1bn real estate portfolio includes 13.2% allocated to ’other’ property types, such as self-storage, data centres, hotels, and agriculture.

The pension fund also said it has made a $35m commitment to Landmark Real Estate Fund IX ( LREF IX) and invested $75m as co-investment capital alongside the fund. LREF IX, which seeks to raise $3.5bn, expects to mainly invest by acquiring limited partner interests in existing real estate funds and other entities.

Florida SBA also made a $78m commitment to the Alterra IOS Venture III fund, marking the pension fund’s first collaboration with Alterra Property.

As previously reported, Alterra Property is seeking to raise $750m and an $850m hard cap for its latest US industrial outdoor storage fund. According to sources, the fund is expected to reach its hard-cap target in the current quarter of the year.

Florida SBA said it has increased its credit facility loan relationship with L&B Realty Advisors by adding three new commitments totalling $115.7m.

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