Ares, Canada Pension Investor to Invest up to $2.4B in U.S. Logisitics Real Estate
Dow Jones
18 hours ago
Ares Management said it formed a new joint venture with one of Canada's largest pension investors to pour up to $2.4 billion into U.S. logistics real estate.
The alternative investment manager said Wednesday it would partner with the Public Sector Pension Investment Board to target what they described as attractive, cash-flowing assets in high-growth markets, and includes a 5.2 million-square-foot seed portfolio of 14 properties across key U.S. industrial hubs, including California, Texas and New Jersey.
"The acceleration of onshoring, buildout of digital infrastructure and growing influence of e-commerce continue strengthening the investment fundamentals for strategically placed logistics facilities," Dave Fazekas, head of North America Logistics in Ares Real Estate, said.
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