Abu Dhabi Investment Authority (ADIA) has teamed up with Boston-based real estate investment manager Rockpoint to invest $2bn (€1.9bn) in industrial real estate in the US.
The joint venture will focus primarily on “build-to-core” investments in gateway cities and locations with strong growth and high barriers to entry.
The first investment has already been made: the acquisition of a 117,520sqft, class-A industrial development project on a 10.6-acre site, located in the South San Jose submarket of Silicon Valley.
Rockpoint said the joint venture would be supported by its recently formed strategic partnership with industrial property expert Ben Harris, formerly the CEO of Link Logistics Real Estate.
Mohamed AlQubaisi, executive director of the real estate department at ADIA, said, “We have built a sizeable portfolio of industrial real estate assets and continue to see attractive opportunities in the sector.
“This new platform with Rockpoint aligns with our approach of investing with proven partners to target specific areas of value.”
Bill Walton, co-founder and managing member at Rockpoint, said: “We are excited to partner with ADIA in a lower-risk vehicle that complements our existing funds and allows us to continue expanding our capabilities and platform in the industrial sector.”
