USB Asset Management and Dutch pension fund PGGM announced a $700 million partnership to construct large cold-storage facilities in major food and transportation centers across the United States, according to a report.

New York-based USB is reportedly one of the largest institutional managers of farmland in the United States, currently managing more than 280,000 acres across 16 states involving more than 30 different food crops. PGGM said its support of the cold-storage expansion, which will develop energy-efficient facilities, is part of its sustainable investment strategy.