Florida State Board of Administration (SBA) has expanded its exposure to European industrial assets with a €165m commitment to EQT Exeter Europe Logistics Value Fund V, according to the pension fund.
The EQT Exeter-managed logistics fund has a target of €2.5bn and will mainly target single-tenant modern existing assets aimed at generating a net internal rate of return of between 14% and 16%.
The commitment formed part of $727m (€622.7m) in real estate commitments and acquisitions completed by Florida SBA during the second quarter of the year.
The allocation includes a $90m commitment to the Red Arrow II fund, managed by Heitman, which declined to comment.
Red Arrow II targets core-plus and value-add opportunities across residential, industrial and alternative sectors. The fund is US-focused, but it is permitted to deploy a portion of its capital internationally.
Florida SBA also committed $200m to Blue Owl Real Estate Fund VII for US and Canadian net-lease and data centre assets, alongside $50m to Starwood Distressed Opportunity Fund XIII Global.
The pension fund completed a $105.2m acquisition of the 218-unit Meridian at Midtown apartment complex in San Jose, California, via a joint venture advised by Invesco.
It also completed two joint-venture retail acquisitions through Stockbridge, comprising a $52m purchase of the Shops at Foothill Mall in Fort Collins, Colorado, and $39m for the Geneva Commons Outlots in Geneva, Illinois.
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