Henley Holding Co., PSP Investments Acquire 58 Million SF Industrial Portfolio From Exeter Property Group for $3.1B

by Christina Cannon

PLYMOUTH MEETING, PA. — A joint venture between Henley Holding Co., a subsidiary of the Abu Dhabi Investment Authority (ADIA), and the Public Sector Pension Investment Board (PSP Investments) has acquired a 58-million-square-foot portfolio of core industrial properties from Exeter Property Group for $3.1 billion.

The properties were owned and managed by Plymouth Meeting-based Exeter, which will continue to manage the properties.  

The portfolio consists of 209 assets that are located in 25 key distribution markets. The majority of the properties are modern bulk warehouses that support e-commerce retailers, traditional retailers, suppliers and wholesalers. The majority of the assets are located in Dallas, Chicago, Columbus, Memphis and Atlanta.

“ADIA and PSP Investments are two of the most highly regarded international real estate investors,” says Ward Fitzgerald, CEO of Exeter, “and we are thrilled to work with our new partners in the continued successful management of these properties as well as in other opportunities in the United States and abroad.”

“We have great confidence in the growth potential of the U.S. industrial sector, particularly in high-quality properties that meet the evolving logistical needs of traditional and omnichannel businesses,” says Tom Arnold, head of Americas Real Estate at ADIA. “The Exeter portfolio fits well into our long-term real estate investment strategy.”

Fried, Frank, Harris, Shriver & Jacobson LLP and Silverang, Donohoe, Rosenzweig & Haltzman, LLC represented Exeter Property Group in the transaction. Kirkland & Ellis LLP represented ADIA, and Davies Ward Phillips & Vineberg LLP and Torys LLP represented PSP Investments. Eastdil Secured and CBRE marketed the portfolio.

Henley Holding Co. is an investor in U.S. real estate assets. ADIA, the parent company of Henley Holding Co., is a sovereign wealth fund owned by Emirate of Abu Dhabi.

ADIA manages a global investment portfolio that includes more than two dozen asset classes and subcategories. PSP Investments is one of Canada’s largest pension investment managers that manages a diversified global portfolio, including public equities, private equity, bonds and other fixed‐income securities, real estate, infrastructure, natural resources and private debt investments.

— Christina Cannon

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