Real estate investors Ivanhoé Cambridge and GID have formed a platform to target industrial assets across the US.
The newly created GID Industrial platform, led by senior managing directors Rene Circ and Mike Wenaas, consists of $2bn (€1.7bn) of managed assets spanning 173 buildings and 19m sqft including additional capital for new investments.
Joining chief operating officer Circ and chief investment officer Wenaas on the leadership team is CFO Michelle Mussafi, formerly of Colony Capital, and portfolio manager Gary Kroll, who has managed GID’s industrial investments for the last 20 years.
GID Industrial will focus on acquiring, developing, and managing infill industrial product in locations near dense residential and employment nodes in close proximity to the end customer, the companies said.
Mario Morroni executive vice president, in charge of North America industrial at Ivanhoé Cambridge, said: “GID Industrial, with strong shared corporate values as well as a proven and seasoned management team, will complement our existing IDI Logistics big-box build-to-core strategy.
“Our partnership with GID is perfectly aligned with Ivanhoé Cambridge’s investment strategy and positions us to accelerate the execution of our urban infill light-industrial strategy in the US and continue to create value for our stakeholders in this highly competitive environment going forward.”
Circ said GID has been investing in infill locations for the last 60 years, and “GID Industrial will target assets that benefit from the continued strength and evolution of supply chains, especially as online spending shows no sign of slowing”.
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