Florida State Board of Administration (SBA) is funding three industrial and cold-storage development projects with a total equity investment of $547m (€497m).

The pension fund is investing $180m in the Central Port Logistics I project in Savannah, Georgia, according to a report on its second-quarter investments.

The project involves the development of 2.3m sqft of industrial space and is being managed by Core and Value Advisors, part of real estate investment manager Stockbridge. The company declined to comment.

Florida SBA is also investing $274.2m in the NorthPoint Tampa project, which will build 1.5m sqft of space in Wesley Chapel, Tampa, Florida.

The investment is being made through a separate account managed by MetLife Investment Management. The manager declined to comment.

The third investment involves funding a 293,000sqft cold-storage development in Jackonsville, Florida, with $92.6m of capital.

The project is part of a joint venture with L&B Realty Advisors known as the KCS Icebox Venture. L&B Realty Advisors declined to comment.

Florida SBA has also approved two new real estate fund investments, including a $100m commitment to Fairfield US Multifamily Value-Add Fund IV.

The other was a $75m commitment to Bell Value Add Fund VIII, which recently raised $1.3bn to invest in US apartments.