DRA Advisors has acquired a $908.5m (€814m) US industrial property portfolio from a Sealy & Company fund.
As part of three planned liquidating distributions to investors, the Sealy Strategic Equity Partners (SSEP) fund said it has sold 106 industrial buildings to DRA.
The assets being sold were acquired by SSEP between November 2012 and December 2018 and are located in 16 markets across the Southeast, Southwest, and Midwest. The assets represent 16.3m sqft of the SSEP’s 18.1m sqft industrial property portfolio.
SSEP said it plans to sell the remaining portfolio assets in the first half of 2020, with additional liquidating distributions to follow.
Michael Sealy, executive vice president - capital markets for Sealy & Company, said: “Since the 1970s, we have invested in select industrial properties in search of quality risk-adjusted returns.
“We believe those opportunities exist today, and may continue for some time into the future.”