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ILPT Forms JV on 12-Property Industrial Portfolio
Industrial Logistics Property Trust (ILPT) formed a $680-million joint venture with an Asian institutional investor for a 9.2-million-square-foot portfolio of 12 of ILPT’s mainland properties, located primarily across the Midwest. The investor will contribute approximately $108 million for a 39% equity interest in the JV, and ILPT will own the remaining 61%.
The JV encompasses four properties in Indiana, including a one-million-square-foot facility leased to Amazon (pictured), and one each in Florida, Iowa, Kentucky, Maryland, Missouri, Ohio, Pennsylvania and Virginia.
ILPT closed the joint venture with 11 properties, and the JV also assumed $350 million of existing secured debt. The Florida property and $57 million of additional associated debt will follow later.
“Completion of this joint venture transaction underscores the value of our mainland portfolio, reduces leverage and establishes a private capital partner for possible future growth at ILPT,” said John Murray, president and CEO of Newton, MA-based ILPT.
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