PSP Investments, which manages the assets of the C$112 billion ($81.4 billion) Public Sector Pension Investment Board, Montreal, and a subsidiary of the Abu Dhabi Investment Authority acquired a portfolio of 290 U.S. warehouses from Exeter Property Group for $3.15 billion.
The properties were acquired through a joint venture between PSP Investments and Henley Holding Co., ADIA’s U.S. real estate unit, according to a joint news release from Exeter, PSP and Henley.
Exeter will continue to manage the properties.
“This investment is consistent with PSP Investments’ real estate strategy to make direct investments in sizable, core industrial assets in key markets alongside experienced partners who share our long-term investment horizon,” said Neil Cunningham, senior vice president, global head of real estate investments at PSP Investments, in the release.
The deal is the second for PSP Investments in a joint real estate venture in the past two months. In November, PSP formed a joint venture with Aviva Investors to invest in central London real estate. Terms of that deal weren’t disclosed.
The net asset value of PSP Investments’ real estate portfolio as of March 31 was C$14.4 billion.
Public Sector Pension Investment Board oversees the pension assets of Canadian federal public service workers, Canadian Forces, Reserve Force and the Royal Canadian Mounted Police.
ADIA is estimated by the Sovereign Wealth Fund Institute to have $773 billion in assets.
