Global alternative investment firm Investcorp has set up a US industrial real estate investment venture with two unnamed “leading sovereign wealth funds”.

Investcorp said the $550m (€475.2m) investment vehicle will have a $1.6bn investment firepower to focus on industrial real estate in the US.

Herb Myers, co-head of real estate, North America at Investcorp, said the increasing pace of e-commerce adoption, especially throughout the pandemic, has demonstrated growing demand for last-mile logistics.

“This venture positions us well to expand our national industrial footprint in an asset class that we believe will continue to have strong fundamentals.”

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