The JP Morgan Strategic Property Fund has invested $325m (€317.5m) in an industrial project, according to an investor in the core open-ended US real estate fund.

The Mississippi Public Employees Retirement System (PERS), which has $543m in the Strategic Property Fund, disclosed in a meeting document that the JP Morgan vehicle is funding the construction of the Ontario Ranch East logistics project in Ontario, California.

The Strategic Property Fund will own a 98% stake in the project alongside Sares-Regis Group and Orbis Real Estate Partners. The project includes 12 industrial buildings situated on a 147-acre site.

During the first quarter of the year, the Strategic Property Fund sold over $2bn worth of neighbourhood shopping centres, resulting in a 20% reduction in the fund’s retail allocation. The Strategic Property Fund recorded a net asset value of $34.9bn during the same period.

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