Ontario fund commits to U.S. industrial REIT

The Investment Management Corporation of Ontario is investing in a slice of the U.S. logistics market with a joint venture in the WPT Industrial Real Estate Investment Trust. The C$70.3 billion ($52 billion) fund manager is investing $150 million to the REIT in a bid to gain exposure to industrial properties in strategic U.S. markets. “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 at IMCO. He added that the joint venture was well aligned to IMCO’s real estate strategy to invest in logistics networks that help meet consumer demands and further diversify the portfolio. “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,” he added. 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. “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,” said Scott Frederiksen, CEO of the REIT. WPT Industrial, LP 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.

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