LXP Industrial Trust launches JV

LXP Industrial Trust (LXP) has recapitalized a 22-property special-purpose industrial portfolio consisting primarily of manufacturing assets through a sale to a new joint venture with an affiliate of Davidson Kempner Capital Management LP.

The portfolio’s total gross valuation is $550 million. LXP will retain a 20-percent interest in the new joint venture.

The recapitalization is part of LXP’s single-tenant warehouse and distribution focus, with 93 percent of gross book value (pro forma at Sept. 30, 2021) invested in warehouse and distribution facilities.

T. Wilson Eglin, chairman and CEO of LXP, said, “We believe this recapitalization will unlock significant value by focusing LXP as a pure-play, single-tenant industrial REIT that develops and acquires warehouse and distribution facilities primarily leased to a single tenant, while the new joint venture builds on our institutional fund management capabilities. We are confident that LXP is well positioned