WPT Industrial REIT, Canada Pension Plan Investment Board (CPPIB) and Alberta Investment Management Corp. (AIMCo) have formed a joint venture to aggregate a portfolio of industrial properties in strategic U.S. logistics markets through a value-add and development investment strategy.
The joint venture will target investing up to $1 billion of combined equity. CPPIB and AIMCo will each own a 45 percent interest in the joint venture and the REIT will own the remaining 10 percent interest.
The joint venture will invest in a diversified mix of strategic U.S. logistics markets with favorable fundamentals primarily in national hubs such as Atlanta, Chicago and Dallas, as well as in global gateway markets such as New Jersey, Los Angeles and Seattle.
“The U.S. industrial sector provides an attractive investment opportunity, driven by trends such as growth in e-commerce, as well as the evolution and modernization of global supply-chains,” said Hilary Spann, managing director, head of Americas, real estate investments, CPPIB.
WPT Industrial REIT will manage the properties acquired by the joint venture.
