BGO IREIT acquires interest in $948m Midwestern industrial portfolio
Transactions - SEPTEMBER 27, 2023

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BGO IREIT acquires interest in $948m Midwestern industrial portfolio

by Andrea Zander

BGO Industrial Real Estate Income Trust has announced the acquisition of an indirect 34.2 percent ownership interest in a portfolio of Midwestern industrial assets (the seed portfolio) valued at approximately $948 million (as of March 31, 2023), in exchange for 13 million units of its operating partnership. The purchase price of the seed portfolio was approximately $130 million. The acquisition was completed on July 7, 2023.

The seed portfolio consists of 29 separate industrial buildings totaling more than 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is currently 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years. The properties house a dynamic and diverse tenant roster, featuring nationally recognized leaders in the distribution, logistics and manufacturing sectors.

“The seed portfolio highlights our portfolio construc

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