Reports: Middle Eastern Buyers Finalize $3B US Industrial Deal
Exeter Property Group is set to ink a $3B industrial sale to Abu Dhabi Investment Authority and Canadian PSP Investments sometime next week.
Eastdil Secured brokered the 55M SF sale, which will leave Exeter managing the properties but with little stake in the portfolio, GlobeSt reports.
Foreign funds are snatching up all the industrial sites they can. Norway’s Norges Bank Investment Management went 55/45 on a $5.B deal for KTP Capital in June, and Singapore’s GIC bought—with Global Logistics Properties—Blackstone’s IndCor industrial platform for $8B in February.
Exeter sees high warehouse demand as a sign of serious opportunity in the industrial market, so it's starting a new fund, Exeter Core Industrial Club Fund II, to throw more cash in the sector. [GlobeSt]