Taurus Investment sells US real estate portfolio to Investcorp

Taurus Investment Holdings LLC said Nov. 27 that it sold an 8.2 million square foot logistics portfolio located in Chicago, Dallas, Atlanta and Memphis markets to Investcorp. Taurus said exited its US Logistics Fund I and three co-investment vehicles totaling $204 million in equity capital.

PRESS RELEASE

BENGALURU, Nov. 27, 2019 /PRNewswire/ — Taurus Investment Holdings, LLC (“Taurus”) announced today the sale of an 8.2 million square foot logistics portfolio located in Chicago, Dallas, Atlanta and Memphis markets to Investcorp, a leading global provider and manager of alternative investment products. The portfolio consists of 117 buildings with more than 400 regional, national and international tenants. The firm exited its US Logistics Fund I and three co-investment vehicles totalling $204 million in equity capital. Taurus will remain the co-invested manager of the portfolio in a joint venture with Investcorp.
“Logistics is one of our highest conviction investment themes at present in the US and Europe, and the value created for our investors by this transaction further demonstrates our expertise in assembling a robust last-mile logistics portfolio,” said Peter Merrigan, CEO of Taurus. “I am proud of our acquisitions and local asset management teams for their work in assembling and stabilizing this portfolio.”
The portfolio known as the Taurus Bullseye Portfolio comprises buildings providing ease of access to major transportation arteries; both ground and air, allowing users to effectively service these large densely populated regions. The portfolio features buildings ranging from 4,000 to 5,20,000 rentable square feet of industrial, logistics and flex warehouse space with an average clear height of over 20 feet.
Lathan Allen, Managing Director of US Industrial at Taurus stated, “As consumers demand shorter delivery times, retailers are forced to expand their last-mile distribution footprint to compete. By targeting specific infill locations, we were able to benefit from this e-commerce demand and outperform our growth projections. We continue to see demand outpace supply in many of these submarkets and remain focused on further growing our logistics portfolio.”
Ajay Prasad, the Country Managing Director for Taurus India said, “This transaction reaffirms Taurus’ ability to build value across large portfolios of assets and to work with leading institutional investors to maximize returns for our investors. The logistics asset class has rapidly become one of the most attractive worldwide and India is growing into one of the most exciting markets for the logistics development. Taurus will look to leverage its capabilities in the market over the medium to long term.”
About Taurus Investment Holdings LLC
Established in 1976, Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor, and operator. Currently active in the United States, Western Europe, Asia, and South America, the firm makes strategic investments into value-add, core-plus, and development opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner-operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 45 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $7 billion. www.tiholdings.com.
About Taurus Investment Holdings India
As part of its continuing global expansion, Taurus Investment Holdings entered the Indian market with the flagship Taurus Downtown Trivandrum project. Taurus Downtown Trivandrum, with a projected total investment of Rs 2,000 Crores over its two phases, involves the development of a mixed-use, city centre for Technopark with 6 million square feet of IT SEZ and non- SEZ space. The project will include over 3.5 million square feet of Class A office spaces and supporting facilities such as 1.4 Million square feet of world-class retail, entertainment and dining spaces, a business hotel and serviced residences.
The project is expected to generate about 30,000 direct and 75,000 indirect employment opportunities. It will be LEED Gold certified and its first phase, currently under construction, will be operational in 2021. www.downtowntvm.com
Taurus has recently joined hands with Sage Funds Management Pvt Ltd to raise a $250 million India investment platform with a focus on investing in build-to-core developments in office, retail and co-living. www.tiholdings.in