StepStone Real Estate has partnered with GID to recapitalise an 8m sqft US industrial portfolio through a $985m (€882.9m) manager-led secondary transaction.
GID, which has managed the portfolio since 2021, will continue as asset manager for the new joint venture, which owns the 87 infill buildings across eight major markets.
The assets are located across Atlanta, Charlotte, Chicago, Dallas, Jacksonville, Portland, San Antonio and Seattle.
Rene Circ, president, GID Industrial, said: “This manager-led secondary transaction represents a tremendous opportunity for us to invest in a diversified light industrial portfolio at an attractive basis and establish a new partnership with StepStone.
“Our longstanding familiarity with the assets provides us with a differentiated understanding of the portfolio, its tenants and the markets in which it operates. We look forward to building on the portfolio’s strong performance and creating continued value through active management.”
John Waters, partner and global co-head of investments at StepStone Real Estate, said: “We have been focused on building exposure to infill industrial assets, where structural supply constraints continue to support fundamentals.
“GID’s familiarity with and demonstrated track record managing these assets were important factors in our decision to partner together, and we look forward to supporting the next stage of value creation through this transaction.”
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