The Pennsylvania Public School Employees' Retirement System poured $100.0 million into Cabot Industrial Core Fund II, an investment vehicle targeting core industrial assets in the U.S., IPE Real Assets reported.
The property fund is aiming for net returns of between 8% and 10% per annum, with expected initial current yields of 5% to 6%, the publication noted, citing the pension fund's real estate consultant, Courtland Partners.
The fund will look at markets with growing demand and scarcity of value, such as Los Angeles, South Florida, San Francisco, Chicago, New York and New Jersey, the publication added.
