Stockbridge Capital Group has acquired an 8.7m sqft US industrial portfolio from Hillwood Development Company for $800m (€725.1m), according to people familiar with the matter.

According to sources, the capital source for the acquisition of the 17 core assets involves four unnamed non-US based sovereign wealth funds.

The assets – majority of which are newly-built – are located in the US markets of Dallas Fort Worth, Eastern Pennsylvania, Nashville, Cincinnati, Jacksonville, Columbus, Chicago, Las Vegas and Austin.

Nicole Stagnaro, managing director at Stockbridge, declined to comment on how much the manager paid for the portfolio, but said the portfolio stands out for its “high-quality, modern construction and well-connected, population-rich locations where major e-commerce tenants have chosen to expand their footprints”.

“In combination, these factors support the kind of cash flow visibility we expect from a long-term portfolio.”

The latest transaction comes three months after Stockbridge acquired a portfolio of 26 US industrial properties from Westcore Properties for $570m.

Kristin Renaudin, CFO of Stockbridge, said: “Our latest in a series of industrial portfolio acquisition further underscores our conviction in the structural drivers underpinning industrial real estate fundamentals.

“With e-commerce growth still in its infancy, we believe the continued disruption of conventional distribution models will support heightened industrial space demand for the foreseeable future.”

For both transactions PGIM Real Estate Finance served as the lender and Jones Lang Lasalle will serve as property manager.