US real estate manager PRP has acquired a portfolio of five logistics properties from developer CRG for $425.2m (€367.3m).

PRP, which targets credit net lease investments, said the portfolio includes 4.52m sqft of fully-leased newly-constructed distribution centres.

The assets are located within strong distribution markets including Texas, South Carolina, Illinois and Alabama.

Joseph Neckles, managing director of PRP’s net lease investment platform said: “We are thrilled to have worked with CRG on this important and strategic portfolio transaction. These five properties are well-located within major national distribution markets.

“The properties are built to the highest modern development standards with heavy emphasis on ESG considerations. The quality of the portfolio is exemplified by CRG’s ability to attract top-tier corporate users at each property.”

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