UNITED STATES - Washington State Investment Board has approved a $250m ($195.3m) follow-on investment with Corporate Properties of the Americas.

Washington State has now invested $1bn with Corporate Properties since 2002, after making a fresh allocation at its board meeting last week.

According to pension fund officials, Corporate Properties has proven itself to be a real estate manager delivering solid investment returns.

Corporate Properties has a niche investment strategy of investing in industrial properties in Mexico, which are typically warehouse distribution or light manufacturing industrial properties with a total space around 100,000 s.f. (9.29030m2).

The firm will be charged with acquiring existing industrial properties which could involve a sale/leaseback structure but there may also equity investments in new development projects which are built as suits or new spec projects.

Washington State anticipates the kind of industrial property it will invest in will be very similar to that found in the US, both in terms of the look of the property and who the assets are leased to.

Washington State was assisted in this action by its real estate consultant, Courtland Partners.