Industrial property specialist Exeter Property Group announced that it has sold a 58 million square foot portfolio of core industrial properties to a joint venture of Henley Holding Company, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and the Public Sector Pension Investment Board (PSP Investments), one of the largest Canadian pension investment managers, for $3.15 billion. Terms of the deal were not disclosed, though press releases noted that Exeter invested in the joint venture and will also continue to manage the purchased properties. Exeter was represented by Fried, Frank, Harris, Shriver & Jacobson LLP and Silverang, Donohoe, Rosenzweig & Haltzman, LLC, while ADIA was represented by Kirkland & Ellis LLP, and PSP Investments was represented by Davies Ward Phillips & Vineberg LLP and Torys LLP.
The deal is one of the largest industrial real estate transactions of the year, with 209 high-quality industrial assets located in 25 key distribution markets throughout the United States, most of which are modern bulk warehouses that provide critical infrastructure supporting both e-commerce and traditional retailers, suppliers and wholesalers. Among the other mega industrial portfolios that traded this year involved Blackstone Group completing an $8 billion sale, Prologis in a $5.9 billion acquisition and Industrial Income Trust selling its properties for 4.5 billion, according to a Philadelphia Business Journal article. The portfolio was marketed by Eastdil Secured and CBRE.
"We are very pleased to have concluded the sale of this exceptional portfolio of industrial properties on behalf of our investors. ADIA and PSP Investments are two of the most highly-regarded international real estate investors, and we are thrilled to work with our new partners in the continued successful management of these properties as well as in other opportunities in the United States and abroad," said Ward Fitzgerald, Chief Executive Officer of Exeter, in a press release.
Neil Cunningham, Senior Vice President, Global Head of Real Estate Investments at PSP Investments, added: "PSP Investments is pleased to have secured this attractive and complex investment opportunity, demonstrating our agility and capacity to move quickly alongside great partners. This investment is consistent with PSP Investments’ real estate strategy to make direct investments in sizeable, core industrial assets in key markets alongside experienced partners who share our long-term investment horizon."
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