Industrial Property Trust Considers Selling Industrial Assets Worth $3.3B
Industrial Property Trust Inc. is considering the sale of its industrial portfolio, valued around $3.3B.
The firm has reportedly been approached by several interested buyers, including private equity firms, public pension plans and real estate managers, Reuters reports. The move comes as a rise in e-commerce and online grocery shopping continues to drive demand for warehouse and distribution centers across the country.
In addition to a sale, IPT is considering the recapitalization of its business. If it chooses this path, Denver-based Black Creek Group, which created IPT in 2012, would continue to manage the properties. The firm currently operates over 1,300 properties in the office, industrial, retail and multifamily sectors and has further developed an estimated $3B in commercial properties, including 68 Walmart locations, Reuters reports.
IPT has reportedly retained an investment bank in order to gauge prospective interest in the sale, but any further negotiations remain confidential at this time, according to Reuters.