Investment Management Corp of Ontario has entered into a joint venture with WPT Industrial Real Estate Investment Trust. IMCO agreed to commit C$150 million to increase its exposure to industrial properties in the U.S. logistics markets. The joint venture recently closed its first investment, a 772,800-square foot industrial development in Burlington County, New Jersey.
TORONTO (AUGUST 10, 2020) – The Investment Management Corporation of Ontario (“IMCO”) has entered into a joint venture in WPT Industrial Real Estate Investment Trust (the “REIT”) (TSX:WIR.U), committing $150 million to increase exposure to industrial properties in strategic U.S. logistics markets in its real estate portfolio.
“Consumers are relying on e-commerce more than ever and expect robust inventories and rapid delivery times throughout the U.S.,” said Brian Whibbs, Managing Director, IMCO. “Our joint venture with the REIT is well aligned to IMCO’s real estate strategy to invest in logistics networks that help meet consumer demands and diversify our portfolio to include industrial. WPT Industrial REIT has a strong track record and is a leader in the logistics space, representing the kind of resilient partner we seek for our clients and portfolio.”
“We are pleased to welcome IMCO as a new private capital partner,” said Scott Frederiksen, Chief Executive Officer of the REIT. “IMCO shares our long-term vision for the U.S. industrial sector and we look forward to investing alongside IMCO and growing our joint venture through disciplined capital allocation.”
The joint venture has recently closed on its first investment – a 772,800-square foot industrial development in Burlington County, New Jersey – and will pursue industrial value-add and development investments in strategic U.S. distribution and logistics markets. The REIT will manage the properties acquired by the joint venture.
The Investment Management Corporation of Ontario (IMCO) manages $70.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors. Follow us on LinkedIn and Twitter @imcoinvest
ABOUT WPT INDUSTRIAL REIT
WPT Industrial Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT acquires, develops, manages and owns industrial properties located in the United States, with a particular focus on warehouse and distribution properties. WPT Industrial, LP (the REIT’s operating subsidiary) indirectly owns a portfolio of 100 industrial properties across 20 states in the United States consisting of approximately 31.8 million square feet of gross leasable area.