Teachers’ Retirement System of Louisiana (TRSL) has approved a $50m (€41.1m) commitment to the Exeter Europe Logistics Value Fund IV, the $23bn pension fund said in a board meeting.

Exeter Property is planning a €1.25bn fundraise for the European industrial. Fund IV is expected to invest 60% of its capital to acquire short-term leased properties with a plan to increase the rent during lease renewals.

Approximately 15% of the fund will be placed into buying vacant properties and the remaining 25% of the fund will be invested in new development/redevelopment projects.

TRSL said most of the transactions for the fund will involve big box and last-mile warehouse assets worth up to $145m.

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