Ohio Police & Fire (OP&F) Pension Fund is to invest $125m (€111m) in the Prologis Targeted US Logistics Fund in a bid to maintain a high exposure to the booming industrial property markets.
The pension fund told IPE Real Assets that it wanted its real estate portfolio to remain over-allocated to the sector, under the advice of its consultant The Townsend Group.
It will be the first time that OP&F Pension Fund has invested in Prologis Targeted Logistics Fund, a large open-ended core real estate vehicle established in 2004.
Prologis owns about a quarter of the fund, which has a gross value of $11.8bn, according to third-quarter earnings report.
OP&F Pension Fund already has investments in two other open-ended industrial property funds: the Lion Industrial Trust and the Ares Industrial Real Estate Fund.
OP&F Pension Fund said: “Advantages in the fund are the Prologis platform and a strong track record, and the commingled fund will invest in a range of industrial assets that will help to advance the pension fund’s real estate objectives.”
A Prologis spokesperson told IPE Real Assets: “Our private business offers a unique opportunity to benefit from the Prologis platform, as we continue to acquire and develop properties in the world’s strongest centres of commerce.”