Scout Cold Logistics, a US real estate investment firm set up by AEW Capital Management with capital backing from Texas Teachers and other institutional investors, has added a 1.3m sqft asset to its portfolio.
Scout Cold Logistics has invested an undisclosed amount to acquire the 1025 Locust Point Road asset in Manchester, Pennsylvania being re-developed into a grocery distribution facility for United Natural Foods.
The Teacher Retirement System of Texas (Texas Teachers) was one of the sources of capital for the transaction but declined a request for further comment.
Texas Teachers recognised the value and strategic importance of investing in critical food infrastructure and expanding its relationship with Scout Cold Logistics platform, AEW said but did not disclose the purchase price and the name of the seller.
Scout Cold Logistics was formed in July of 2021 by AEW with capital backing from Texas Teachers and other institutional investors.
The company, dedicated to temperature-controlled infrastructure, invests in grocery distribution, food production, and non-food perishable facilities throughout the US.
The platform currently has 24 food-centric properties totalling 10.6m sqft representing approximately $1.9bn of total capital commitments.
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