Industrial properties are all the rage in real estate, and AIG and LB Asset Management are teaming up to pursue it.
AIG Global Real Estate and LB Asset Management are forming a joint venture to co-invest in an 8.6 million-square-foot industrial portfolio focused in Virginia, Georgia, North Carolina and Tennessee, according to the Commercial Observer.
AIG GRE will be in charge of managing the assets on behalf of several Korean institutional investors. The portfolio covers 86 industrial properties and will have a combined value of more than $1 billion, the publication reported.
LB Asset Management has dipped its toes into three dozen real estate funds since being founded five years ago. The real estate management fund company has experience in the industrial space, including buying an Amazon logistics center in Scotland last year with KB Securities for $86.5 million.
AIG was recently involved in a massive sale of affordable housing assets to Blackstone for $5.1 billion. It was part of a larger transaction involving AIG selling a 9.9 percent equity stake in its life and retirement business.
The industrial real estate market was hot even before the pandemic, as the booming e-commerce market and a quest for faster delivery spurred demand for distribution centers.
Mudabala Investment Co. recently partnered with Crow Holdings to develop $1 billion of Class A industrial properties across the United States.[CO] — Holden Walter-Warner
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.