Realty Income Corp. has formed a strategic relationship with GIC, Singapore’s sovereign wealth fund.
The programmatic joint venture will primarily focus on build-to-suit development of high-quality logistics real estate pre-leased under long-term net leases to tenants with investment grade-equivalent credit profiles in the United States. The joint venture will have more than $1.5 billion of combined capital commitments from Realty Income and GIC.
The construction financing and take-out purchase commitment from Realty Income of a $200 million build-to-suit, U.S. dollar-denominated industrial portfolio in Mexico, representing Realty Income’s first investment in Mexico. The firm will be working alongside GIC’s development partner, Hines, which has agreed to terms on the development financing and takeout purchase of the portfolio of industrial properties in Mexico. These logistics assets are located in Mexico City and Guadalajara and are pre-leased to Global Fortune
