Abu Dhabi sovereign wealth fund Abu Dhabi Investment Authority—one of the largest property owners in the world—has been plowing money into US real estate, making its mark as another deep-pocketed foreign investor.
AIDA recently closed a $3.15B deal to pick up 58M SF of US industrial property from Exeter Property Group, landing stakes in warehouses, distribution centers and other industrial sites across the country.
Managing its dealings from its 36-story HQ, the $621B fund oversees $50B worth of real estate in 41 countries, the Wall Street Journal reports.
Other sovereign wealth funds have been ramping up their real estate holdings, but ADIA is doing something differently—cutting out the middleman.
In the past year the fund has also bought up over a dozen hotels across the East Coast and Midwest, signaling a shift away from luxury markets like New York and London that used to be the main draw for foreign investors. [WSJ]
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