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Canadian-Abu Dhabi venture buys $3 bln real estate portfolio

Published 2015-12-17, 02:43 p/m
© Reuters. Canadian-Abu Dhabi venture buys $3 bln real estate portfolio

TORONTO, Dec 17 (Reuters) - A joint venture between Canadian
pension fund PSP Investments and the Abu Dhabi Investment
Authority has acquired a portfolio of U.S. industrial properties
from Exeter Property Group for $3.15 billion, the buyers said on
Thursday.
Canadian pension funds and sovereign wealth funds are
looking to buy real estate assets to diversify their investments
and offset the effects of volatility in global equity markets
and economic uncertainty.
"This investment is consistent with PSP Investments' real
estate strategy to make direct investments in sizeable, core
industrial assets in key markets alongside experienced partners
who share our long-term investment horizon," said Neil
Cunningham, PSP's global head of real estate investments.
The sale of the 58-million-square-foot portfolio of core
industrial properties is one of the biggest real estate deals
this year, the companies said in a joint statement.
Exeter, a real estate investment manager, has invested in
the joint venture and will continue to manage the purchased
properties.
The portfolio consists of 209 properties, most of which are
warehouses that support retailers, suppliers and wholesalers.

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