A unit of the Abu Dhabi Investment Authority and the Public Sector Pension Investment Board, one of the largest Canadian pension investment managers, purchased 209 US industrial properties from Exeter Property Group for $3.15 billion.
The buildings have 58 million square feet (5.4 million square meters) of space and are located in 25 markets throughout the US, according to a statement Thursday. The properties are used by both Internet and traditional retailers, suppliers and wholesalers, the companies said.
“We have great confidence in the growth potential of the US industrial sector,” said Tom Arnold, head of Americas real estate at the Abu Dhabi Investment Authority.
The properties were purchased by a joint venture of Henley Holding Co, a subsidiary of the authority, and the Canadian pension manager. Exeter also invested in the joint venture and will continue to manage the properties.
Owners of industrial real estate have benefited from an improving economy and the growth in Internet retailing. The Bloomberg Real Estate Investment Trust Industrial/Warehouse Index has gained 1.2 percent this year, compared with a 1 percent decline in the broader Bloomberg REIT Index.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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