Ivanhoé Cambridge Acquires 150-Property Industrial Portfolio for Reported $1B
The property at 26200 E. 95th Ave. in Portland, Ore., leased to Precision Countertops is among the 150 properties in the sold portfolio.
MONTREAL, SAN FRANCISCO AND FORT WORTH, TEXAS — Montreal-based investment firm Ivanhoé Cambridge has acquired the 150-property portfolio of Evergreen Industrial Properties from TPG Real Estate.
Canadian newspaper The Globe and Mail reports a sale price of approximately US$1 billion.
Evergreen specializes in operating infill, multi-tenant assets under 250,000 square feet. The portfolio totals roughly 16 million square feet across 18 major American markets, including Dallas, Portland, Atlanta, Denver and Chicago.
Evergreen’s industrial facilities largely focus on handling logistics of local distribution for e-commerce companies.
San Francisco- and Fort Worth-based TPG created Evergreen in 2014, building the platform with a 7.5 million-square-foot portfolio as its base. In subsequent years, Evergreen acquired an additional 127 properties via 11 different transactions.
“Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers,” says Arthur Lloyd, president of Ivanhoé Cambridge’s North American office. “We believe we have found the right fit with Evergreen.”
With the acquisition, Ivanhoé Cambridge’s holdings total roughly CA$56 billion, or US$44.3 billion, based on the exchange rate on Monday, July 17. TPG’s assets under management now total approximately $73 billion.
— Taylor Williams