QuadReal Property Group, a global real estate investment, development and operating company headquartered in Vancouver, British Columbia, has formed a strategic partnership with LaSalle Investment Management that will recapitalize a $495 million portfolio within QuadReal’s direct U.S. industrial platform.

The industrial portfolio comprises 11 assets, totaling 3.3 million square feet, across major population centers near critical infrastructure in five states: Georgia, Pennsylvania, New Jersey, Texas, and Washington. LaSalle will acquire a 49% interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets on behalf of the partnership. The partnership terms also provide for an additional capital commitment from LaSalle for the acquisition of similarly high-quality, well-located industrial assets.

“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, Global Portfolio Manager, LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.”