Ares Management Corp. and one of Canada's largest pension investors are teaming up to invest in the U.S. logistics sector.
An Ares Real Estate fund and the Public Sector Pension Investment Board formed a new joint venture to invest up to $2.4B in logistics deals, the companies announced in a release Wednesday.
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The JV is targeting cash-flowing assets in high-growth markets and has a 5.2M SF seed portfolio of 14 properties in states including California, Texas and New Jersey.
Dave Fazekas, head of North America logistics at Ares Real Estate, said in a statement that the relationship with PSP Investments will allow the companies to leverage their collective scale and experience to identify development opportunities.
“The acceleration of onshoring, buildout of digital infrastructure and growing influence of e-commerce continue strengthening the investment fundamentals for strategically placed logistics facilities,” Fazekas said in a statement.
Marq Logistics will oversee sourcing and asset management for the joint venture.
Industrial and logistics remains the strongest-performing core sector in North America, with investment reaching $33B in the second quarter, according to Savills. That figure was up 28% year-over year.
“The U.S. logistics sector benefits from durable demand drivers and structurally constrained supply in the submarkets that matter most,” Laurence Bastien, managing director of real estate investments, Americas at PSP Investments, said in a statement.
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