Florida State Board of Administration (SBA) has disclosed approving $593.6m (€554.1m) into US real estate deals during the fourth quarter of 2022.

The pension fund said it placed $192.3m into cold storage properties as it bought a $122.6m property in Norfolk, Virginia and paid $69.7m for an asset in Daytona Beach, Florida. The non-core assets were acquired via KCS Icebox, a joint venture created with L&B Realty Advisors, the pension fund said. L&B declined a request for comment.

Florida SBA also invested $136.4m and $49.9m respectively into the Foundry Phase V and Foundry Lakeside Station industrial projects in Lakeland, Florida managed by Stockbridge’s affiliated investment adviser Core and Value Advisors. Stockbridge declined a request for comment.

Florida SBA allocated an additional $65m to a joint venture with Heitman to invest in core medical office properties and said it also made a $150m commitment to the Torchlight Debt Fund VIII, a new US-focused real estate debt fund managed by Torchlight Investors.

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