Ascendas REIT has acquired a portfolio of seven logistics properties located across six infill industrial submarkets across Chicago for $99 million from BREIT Industrial HS Property Owner, BREIT Industrial Canyon IL1M03 LLC, BCORE Jupiter NEMW 1 LLC and Icon Pac Owner Pool 4 Northeast/Midwest.
“Following our successful entry into the U.S.A. logistics market in November 2021, we are pleased to acquire another portfolio comprising seven logistics properties in Chicago, the largest industrial market in the country based on existing space,” said William Tay, executive director and CEO of Ascendas Funds Management. “This portfolio comes with a long weighted average lease expiry of five years and is 100 percent occupied by 12 tenants from a diverse range of industries including logistics service providers, engineering companies and a food distributor.”
The seven target properties are located on freehold land and have highly functional designs. The portfolio has a t
