NPS and Stockbridge form new industrial real estate JV

Stockbridge has formed a joint venture with the National Pension Service of Korea (NPS) to acquire core logistics properties in the United States. In partnership with Stockbridge’s open-end core fund and an additional institutional investor, this newly formed venture has committed to acquire a 14.3 million-square-foot portfolio of class A logistics facilities across the United States — the largest transaction by value of industrial properties since the onset of the pandemic. Financial terms of the transaction and the seller were not disclosed.

The portfolio includes recently completed and soon-to-be-completed properties, with a significant representation of major ecommerce tenants under long-term leases. With an average year-built of 2020, the portfolio embodies the latest evolution in technology-forward logistics construction, designed toward meeting demand for ever faster ecommerce fulfillment and delivery times.

“We are excited to acquire high-quality industri