LaSalle Investment Management is acquiring half of a $495m (€426m) US industrial portfolio owned by QuadReal Property.
LaSalle is buying a 49% interest in the 3.3m sqft portfolio that includes 11 assets across five states, including Georgia, Pennsylvania, New Jersey, Texas and Washington.
QuadReal will retain a majority stake in the portfolio and continue to manage the assets on behalf of the partnership.
As part of the recapitalisation, LaSalle is also expected to provide additional capital for the acquisition of other industrial assets.
Jamie Weber, head of Americas at QuadReal, said: “This partnership capitalises on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the industrial sector. We look forward to deepening our relationship with LaSalle, a like-minded and long-term-oriented investor.”
Stuart Sziklas, global portfolio manager at LaSalle, said: “Expanding our presence in key US logistics markets is a core part of LaSalle’s investment strategy.
“This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value. We’re pleased to work alongside QuadReal and look forward to future opportunities together.”
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