Alterra IOS and JP Morgan Asset Management have sold a $490m (€457.2m) portfolio of US industrial outdoor storage (IOS) assets to Peakstone Realty Trust.
The assets, located across 14 states, includes 45 fully-let operating sites and six redevelopment sites.
In a joint statement, Leo Addimando, CEO and managing partner and Matt Pfeiffer, CIO and managing partner at Alterra, said: “This significant portfolio sale to a publicly traded REIT underscores the success of Alterra’s investment strategy, which we have refined for nearly a decade, and further advances the institutionalisation of the IOS asset class.
“We believe this is just the beginning as more institutional investors seek scale in the highly fragmented IOS sector, and we look forward to continuing to pursue growth opportunities as market fundamentals remain strong.”
Preston Meyer, MD and portfolio manager at JP Morgan Asset Management, said: “This portfolio transaction represents an important milestone in the execution of one of our highest-conviction strategies.”
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