Transactions - DECEMBER 16, 2021

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AXA IM Alts significantly expands U.S. industrial platform with $2.05b portfolio acquisition

by Andrea Zander

AXA IM Alts in partnership with Dermody Properties, a leading US logistics real estate developer, investor and operator, has acquired a 23-asset portfolio from Dermody Properties Industrial Fund II (DPIF I) for $1.2 billion. The venture is under contract to acquire nine additional assets totaling $850 million upon completion of construction in 2022 and 2023. Dermody Properties will serve as the operating manager for the venture.

On completion of both acquisitions, the portfolio will total 8.47 million square feet and comprise 32 high-quality assets, 65 percent of which were constructed within the past three years. All assets occupy strategic locations in primary logistics hubs across 11 primary U.S. industrial markets, including Southern California’s Inland Empire; Northern California; Seattle; Portland, Ore.; Las Vegas; Chicago; Louisville, Ky.; Atlanta; Eastern Pennsylvania; Northern New Jersey; and Wilmington, Del.

With an average age of eight years and average

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