QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, has formed a strategic partnership with global investment manager LaSalle Investment Management (“LaSalle”) that will recapitalize a US$495M portfolio within QuadReal’s direct U.S. industrial platform.
The high-quality, state-of-the-art US industrial portfolio includes 11 assets, totaling 3.3M sq ft across major population centers near critical infrastructure in five states including Georgia, Pennsylvania, New Jersey, Texas and Washington state. LaSalle will acquire a 49% interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets on behalf of the partnership.
“This partnership capitalizes on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the Industrial sector,” said Jamie Weber, Head of Americas for QuadReal. “We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor.”
“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, Global Portfolio Manager, LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value. We’re pleased to work alongside QuadReal and look forward to future opportunities together.”
The partnership terms also provide for an additional capital commitment from LaSalle for the acquisition of similarly high-quality, well-located industrial assets. This leaves a significant runway to expand its real estate investment portfolio in partnership with QuadReal.
QuadReal’s high-conviction investment strategy and international experience have established the firm as a top 20 real estate investor globally. Industrial is a high-conviction sector for QuadReal, with the firm’s US portfolio amounting to 23.5M sq ft of industrial space and global industrial portfolio of 156.3m sq ft.
