ASB Real Estate Investments’ core property fund has paid $123.8m (€110.7m) for a newly-built US industrial distribution facility.
The $7.6bn Allegiance Real Estate Fund acquired the one-million-square-foot Columbia Business Park project in the Inland Empire, east of Los Angeles from a client of Washington Capital Management.
The fully-leased facility is located at 490 Columbia Avenue in Riverside.
Aaron Duncan, ASB senior vice president and western region head, said: “The purchase furthers ASB’s strategic direction to expand our industrial portfolio while pursuing strong income-oriented returns for our clients.”
Since mid-2018, ASB has acquired more than 4.5m sqft of industrial space in major US distribution markets, including Northern Jersey, San Francisco, Miami, Houston and Philadelphia.