US real estate trust JP Morgan Real Estate Income Trust (JPMREIT) has added a $95.2m (€82.9m) worth of industrial outdoor storage (IOS) assets to its portfolio.
JPMREIT said it has acquired the 16-property portfolio in a sale-leaseback deal with a North American transportation provider.
The portfolio gives JPMREIT an exposure to IOS assets located across seven US states, including Illinois, New Jersey, Pennsylvania, Wisconsin, New York, Washington and Connecticut.
Created in July 2022, JPMREIT currently holds a $1.2bn portfolio of 49 properties, including three loans. The portfolio primarily focuses on the multifamily and logistics sectors, which collectively represent over 80% of its assets.
Chad Tredway, CEO and chairperson of JPMREIT, said: “The industrial asset class remains a cornerstone of economic growth, fueled by infrastructure development and logistics innovation. We are committed to delivering stockholder value through strategic acquisitions that leverage these trends.
“Our investment in industrial outdoor storage assets demonstrates our confidence in strong demand, enabling us to expand our portfolio and capture long-term growth opportunities.”
Doug Schwartz, co-president of JPMREIT, said: “This acquisition is an opportunity to invest in recession-resistant assets, which we believe are poised to benefit from macroeconomic shifts. The combination of healthy demand and limited supply has resulted in strong fundamentals for IOS assets.
“The inherent stability of the transportation sector further enhances the attractiveness of this investment, providing us with a geographically diverse collection of high-quality assets across key US states.”
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