(RTTNews) - Ares Management Corporation (ARES), and the Public Sector Pension Investment Board, announced that an Ares Real Estate fund and PSP Investments have established a new joint venture to invest up to $2.4 billion in logistics real estate opportunities in the U.S. Marq Logistics, which represents Ares Real Estate's vertically integrated global logistics real estate platform, will lead sourcing and manage the assets within the joint venture. The joint venture will target cash-flowing assets in high-growth markets and includes a 5.2 million-square-foot seed portfolio comprising 14 properties across key U.S. industrial hubs, including California, Texas and New Jersey.

The Public Sector Pension Investment Board or PSP Investments is one of Canada's largest pension investors. Headquartered in Ottawa, PSP Investments has its principal business office in Montral and offices in New York, London and Hong Kong.

At last close on NYSE, Ares Management shares were trading at $124.21.