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Duke Realty, CBRE GI Launch Logistics JV
Duke Realty Corporation and CBRE Global Investors have formed a joint venture that’s 80% owned by a CBRE Global Investors-sponsored fund. The JV makes good on Duke’s recently stated plans to monetize a portion of its assets.
Overall, Duke plans to contribute seven facilities totaling 4.8 million square feet and two trailer storage lots totaling 25 acres to the JV. As part of the JV’s formation, the partners closed on the first tranche of two facilities totaling 1.3 million square feet and one trailer lot totaling 17.2 acres, at an agreed-upon value of $157 million.
The second and third tranches are expected to close later this quarter and in early 2022, respectively.
Gary Jaye, CBRE Global Investors’ head of Americas logistics operator Division, said, “We have deep knowledge and scale in the logistics sector and believe it will continue to create vast future opportunities.”
- ◦Sale/Acquisition
