Stockbridge forms industrial real estate JV with Korean pension fund

Stockbridge forms industrial real estate JV with Korean pension fund

Real estate investment management firm Stockbridge announced that it has formed a joint venture with the National Pension Service of Korea (NPS) to acquire core logistics properties in the U.S.

In partnership with Stockbridge’s open-end core fund and an additional institutional investor, this newly formed venture has committed to acquire a 14.3-million square foot portfolio of Class A logistics facilities across the U.S., the largest transaction by value of industrial properties since the onset of the pandemic.

Financial terms of the transaction and the seller were not disclosed.

“We are excited to acquire high-quality industrial properties that are well aligned with our strategy to capitalize on the paradigm shift to e-commerce,” said Scott Kim, Head of the Real Estate Investment Division at NPS. “This acquisition will be an excellent addition to our real estate portfolio. Additionally, our local presence in New York has allowed us to quickly underwrite the portfolio and manage partner relationships to successfully form this venture.”

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The portfolio includes recently completed and soon-to-be-completed properties, with a significant representation of major e-commerce tenants under long-term leases. With an average year built of 2020, the portfolio embodies the latest evolution in technology-forward logistics construction, designed towards meeting demand for ever-faster e-commerce fulfillment and delivery times

“We see this acquisition as an exceptional way of tapping into the rapid acceleration of e-commerce growth, one of the most impactful investment themes post-COVID, and likely of the decade to come,” said Terry Fancher, Stockbridge Executive Managing Director. “The tremendous ongoing support of our venture partners has afforded us the opportunity to transact quickly and nimbly in order to access these kinds of rare opportunities at scale.”