Exeter Sells US Industrial Portfolio for $3.15B

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."

For more news and information visit Blumberg Partners.

130 Prince Street Sold for $140.5M to Invesco

Waterman Interests, a privately-held CRE company, completed the sale of 130 Prince Street in Manhattan for $140.5 million to Invesco this month. Waterman purchased the building in 2007 along with institutional investors advised by J. P. Morgan Asset Management for $112 million according to CoStar data. Fried Frank represented the Waterman Interests partnership on the sale, as did Eastdil Secured.

"Since purchasing the asset in 2007, obviously the capital and commercial real estate markets have been through unprecedented volatility," said Philip Waterman III "Tod" Founder and Managing Member of Waterman Interests, LLC. "To have been able to deliver exceptional returns for our investors in this transaction occurred only as a result of our team's execution at the asset level, and I congratulate each of them for their tenacious effort through some challenging times."

Hilary Spann, Executive Director at J.P. Morgan Asset Management, said of the deal, "We have enjoyed an extremely collaborative and productive business relationship with Tod. He and his team have performed exceptionally well at 130 Prince Street."

130 Prince Street, totaling roughly 88,000 square feet of office and retail space, was 96% leased at the time of sale with major tenants including MAC Cosmetics, Cole Haan, Lacoste, True Religion Jeans, and Monika Chiang.

For more news and information visit Blumberg Capital Partners.