Ivanhoé Cambridge has acquired an industrial real estate provider from global private investment firm TPG Real Estate.

Evergreen Industrial Properties owns and manages about 150 light industrial assets across 18 cities in the United States. It offers industrial and commercial tenants with infill locations where they can store goods, machinery and equipment for distribution, e-commerce and light manufacturing uses.

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“We are very enthusiastic about this acquisition,” said Arthur Lloyd, president of the North America office at Ivanhoé Cambridge, the real estate arm of Caisse de dépôt et placement du Québec, in a news release. “We started looking at companies in the industrial real estate sector over two years ago with the intention of making a strategic investment in this asset class.

“Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers. We believe we have found the right fit with Evergreen. We continue to look for opportunities as we plan to grow our industrial business in the years to come.”

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Evergreen was established in 2014 to serve the need for infill or last-mile locations by light industrial and e-commerce users, noted Avi Banyasz, partner and co-head at TPG Real Estate. “Working with the Evergreen team, we have developed a solid operating platform that has continued to drive performance and growth,” he said. “We have enjoyed partnering with the company over the past few years and believe it is well-positioned to continue to grow under Ivanhoé Cambridge’s ownership.”

Financial terms of the transaction were not disclosed.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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