The Florida State Board of Administration (SBA) is investing $199m (€186.7m) in new industrial and cold storage projects in the US, according to a meeting document.
The SBA is making an $80m equity investment in the Central Port Logistics II project located in Savannah, Georgia through the Core and Value Advisors separate account venture managed by Stockbridge. The project, which is expected to cost $158m, will provide 1.5m sqft across multiple buildings.
Stockbridge did not respond to a request for comment.
The SBA has also approved a $119m equity investment into cold storage properties in Stuart and Jacksonville in Florida. The cold storage projects, which will have a total development cost of $405m, will consist of a 354,092sqft property in Stuart and a 293,264sqft property in Jacksonville.
The capital provided by the pension fund for the cold storage investment is part of the KCS Icebox Venture managed by L&B Realty Advisors.
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