State of Michigan Retirement System has made a $75m (€61.9m) commitment to a BentallGreenOak US cold storage investment partnership.
The pension fund said in a meeting document that it has committed the capital to BentallGreenOak US Cold Storage, a partnership that has Sun Life Financial as a lead investor. Sun Life holds a majority stake in BentallGreenOak.
According to sources, the partnership will have between three and five investors with a total of up to $400m in commitments. The new US partnership will invest in new development opportunities is also expected to consider buying some existing assets.
BentallGreenOak declined a request for comment.
State of Michigan said it is also investing alongside the Invesco Strategic Opportunities III, a European industrial platform. The pension fund has issued a $35m commitment to ISO III SMRS Sidecar, as co-investment into the Invesco Real Estate fund.
Invesco declined a request for comment.
As previously reported, State of Michigan approved a $100m commitment to Strategic Opportunities III during the fourth quarter of 2019.
Invesco is seeking to raise $500m for Strategic Opportunities III, which will make value-add real estate debt investments in Europe and the US.
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