Ares Management said it formed a new joint venture with one of Canada's largest pension investors to pour up to $2.4 billion into U.S. logistics real estate.

The alternative investment manager said Wednesday it would partner with the Public Sector Pension Investment Board to target what they described as attractive, cash-flowing assets in high-growth markets, and includes a 5.2 million-square-foot seed portfolio of 14 properties across key U.S. industrial hubs, including California, Texas and New Jersey.

"The acceleration of onshoring, buildout of digital infrastructure and growing influence of e-commerce continue strengthening the investment fundamentals for strategically placed logistics facilities," Dave Fazekas, head of North America Logistics in Ares Real Estate, said.