Maine Public Employees Retirement System (PERS) is planning to commit $35m (€32.6m) to High Street Value Fund I, according to a board meeting document.

The investment is subject to legal review and negotiations between the pension fund and fund manager High Street Logistics Properties.

Boston-based High Street Logistics Properties, which did not comment, is known for making value-add investments in the US logistics sector.

Markets in which it has been active include New Jersey, Baltimore and Washington DC, Central Pennsylvania and Philadelphia, Atlanta, Central and South Florida, Dallas and Houston, Chicago, Phoenix, and Los Angeles and Inland Empire.

• A previous version of this article wrongly stated that High Street Value Fund I was managed by High Street Real Estate Partners, a different company that invests in hospitality and multifamily assets.