Florida State Board of Administration (SBA) has made $408.2m (€367m) worth of US real estate deals over the past few months in the form of acquisitions and debt investments.
The pension fund disclosed in a meeting document that it acquired $148.3m worth of residential assets through a separate account relationship with Heitman. The acquired assets included a mix of residential and build-to-rent townhomes located in Phoenix, Nashville, and Melissa, Texas.
Florida SBA said it also added four properties worth $115m to its self-storage portfolio. Heitman worked on this transaction for the pension fund, identifying properties in Brownsville, Mission, Alamo, and McAllen, Texas.
Florida SBA also worked with Invesco Real Estate to acquire an industrial asset in Laredo, Texas, for $52.5m.
In addition, the pension fund completed two transactions through its credit facility loan programme, worth $92.3m in total. This debt is secured by an industrial cold storage property in Jacksonville and a traditional industrial property in Charlotte.
SitusAMC served as the manager for these transactions.
The pension fund established the revolving credit facility programme in 2023 to provide downstream loans to its directly owned real estate investments.
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