Montana Board of Investments has made $100m (€82.5m) worth of industrial real estate investments via a Stockbridge Capital US fund and an unnamed cold-storage real estate investment trust (REIT).
The $12.5bn (€9.8bn) said in a meeting document that it has made an $80m commitment to the core-plus Stockbridge Niche Logistics Fund and a $20m investment in a cold-storage REIT which is planning an initial public offering.
According to sources the open-ended Niche Logistics Fund, which has so far raised $350m, is close to agreeing its first deal in a partnership with an operating partner.
Montana Board has also made a $50m commitment into its REIT portfolio and approved a $20m to CBRE Strategic Partners US Value 9, an investment which follows a $30m commitment made to the CBRE fund in 2019.
The CBRE fund will be investing in US value-add apartments, office and retail properties as it targets a mixture of existing and new development projects.
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