The real estate investing arms of the Caisse de dépôt et placement du Québec and the Ontario Municipal Employees Retirement System are teaming up to invest in the U.S.-based IDI Logistics.
“We are delighted to be working with Oxford on this venture for the future success of IDI Logistics, a company which consistently builds, operates and leases some of the best bulk-and-big-box logistics real estate in the United States,” said Mario Morroni, executive vice-president of industrial for North America at Ivanhoé Cambridge, in a press release. “This transaction perfectly illustrates our plan to capture the growth in demand for logistics globally, which includes a meaningful increase of our investments in that sector across four continents.”
In just over two years, Ivanhoé Cambridge has grown its investments in the industrial and logistics sector by about seven billion dollars, according to Morroni.
IDI Logistics is based in Atlanta and specifically deals with developing and managing logistics real estate assets. Besides the company itself, the joint venture is taking on its portfolio of 111 operating assets, 35 development projects and 33 parcels of land.
“This acquisition represents Oxford’s first logistics acquisition in the United States, is complementary to our Canadian industrial portfolio and is consistent with our investment strategy to establish and grow a portfolio of best-in-class logistics assets across the globe,” said Kevin Egan, head of New York and U.S. investments at Oxford Properties.
“Furthermore, it highlights the evolution and growth of our U.S. business, which now actively invests and manages across the office, retail, multi-family, logistics and credit sectors with approximately US$15.1 billion of assets under management. We’re excited to partner with Ivanhoé Cambridge and look forward to driving the next phase of success for IDI Logistics.”