Prologis has paid out nearly all of the $500m (€418m) sought by investors exiting its flagship core US real estate fund this year, according to sources familiar with the matter.

The exit queue for the Prologis Targeted US Logistics Fund rose from $50m at the end of 2019 to $500m at the end of April as six investors issued redemptions.

One US public pension fund was responsible for a sizeable portion of the redemption queue, according to industry sources.

It is understood that the large redemption related to the investor’s individual portfolio needs rather than the performance of the fund.

Prologis has been able to pay out most of the redemptions – only $10m is outstanding – in part because it had a $883m entry queue at the end of March, according to data compiled by RVK for the Ohio Bureau of Workers’ Compensation.

The fund was a very active buyer at the start of the year, acquiring 111 assets worth $2.1bn and selling two assets for $51m.

The US Logistics Fund had a net asset value of $12.3bn through the first quarter of 2020, according to RVK data. Ohio BWC has an investment in the fund valued at $160m with an internal rate of return of 18.11%.

Prologis declined a request for comment.