The portfolio will consist of logistics assets across the US, and the two firms said they plan to invest a further $400m.
Ping An is China's second largest insurer. Blumberg Partners is headquartered in Coral Gables, Florida.
Ping An has already made some high-profile forays into European real estate. In January 2015 it bought the Tower Place office block in the City of London for £327m ($482m) and in 2013 it agreed the purchase of the Lloyd's of London building for £260m (IAR, 6 May 2015, Asian insurers step up European real estate investments).
Earlier this week, Shenzhen-based Ping An said third-quarter profit rose 32%, as higher premium income and banking revenue helped offset the impact of China's stock market plunge on investment returns. The benchmark Shanghai composite index dived almost 30% in the three months to 30 September.
Investment income rose 12% to 22.4bn yuan ($3.55bn), Ping An said. Fair-value losses from investments jumped almost 50 times to 435m yuan, while impairments climbed 53%, according to Bloomberg.
