Florida State Board of Administration (SBA) has disclosed investing $584m (€578m) in real estate deals through separate account managers during the second quarter of the year.
The pension fund said in a board meeting document that it made a $276m equity investment in four industrial real estate acquisitions worth $488m and contributed $57m to buy a $156m cold storage deal via its joint venture with L&B Realty Advisors.
Florida SBA also invested $80m to buy a $158m self-storage portfolio in Houston through Heitman and paid $171m in a separate account deal to buy the Bolton Town Center apartment asset in Atlanta.
Three of the industrial property deal were acquired by Invesco Real Estate. The assets included the Newman Industrial asset in Newman, Georgia, the Springfield Industrial in Springfield, Tennessee and the Savannah Trade Center II asset in Rincon, Georgia. Invesco declined a request for comment.
The fourth industrial asset, Lebanon Logistics in Lebanon, Tennessee, was acquired through Stockbridge.
“The acquisition of Lebanon Logistics is a continuation of Stockbridge’s industrial strategy to tap into the rapid acceleration of e-commerce growth nationally,” said Jeffery Brunette, senior vice president of acquisitions for Stockbridge.
Florida SBA’s joint venture with L&B Realty Advisors bought the cold storage assets comprising KCS Ashland in Chicago, KCS Rock Hill in Rock Hill, South Carolina, KCS Denver and KCS Lebanon in Lebanon, Tennessee.
Florida SBA also disclosed in the meeting document that as part of a portfolio reconstruction plan, it has applied to redeem its $255m held in its REIT recovery separate account which has been managed by Cohen & Steers since 2020.
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