School Employees Retirement System of Ohio (Ohio SERS) is investing $15m (€13.9m) in US cold storage assets alongside CBRE Investment Management’s open-ended core US real estate fund.

The pension fund said in a meeting document that set up the CBRE Storage Etc vehicle to invest alongside the CBRE US Core Partners fund.

Ohio SERS told IPE Real Assets that the investment is being managed as a separate account relationship.

CBRE IM declined a request for comment.

Ohio SERS expects the CBRE Storage Etc vehicle to generate around 9% gross internal rate of returns on a 10-year basis.

According to SEC filing earlier this year, the CBRE US Core Partners fund had a total value of $6.35bn.

The open-ended fund invests in a mixture of logistics, residential, life science, self-storage and student housing assets.

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