Maryland State Retirement and Pension System (SRPS) has approved a $100m (€89.9m) co-investment into the JP Morgan Asset Management and Zenith IOS’s latest US industrial outdoor storage (IOS) investment venture.
In August, IPE Real Assets reported that JP Morgan and Zenith had formed a second $700m US IOS assets venture, following their initial partnership in February 2024.
The joint venture will target core infill sites with low building density for investments ranging from $5m to $20m nationwide.
Building on Zenith’s existing portfolio in Arizona, California, Florida, Georgia, Oregon, Texas and Washington, the new capital will expand the platform’s footprint across the US.
The investment from Maryland SRPS is the only real estate commitment the pension fund has made in the past three months.
As of the end of June, the pension fund’s real estate portfolio was valued at $6.4bn, representing 9.4% of its total plan assets compared with its 10% target allocation.
The real estate portfolio has generated a return of -9.2% over the past year, outperforming its benchmark, the NCREIF ODCE Net plus 40 basis points, by 245 basis points, according to Maryland SRPS.
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