QuadReal Property Group has entered a strategic partnership with LaSalle Investment Management to recapitalize a US$495-million portfolio.

Vancouver-based QuadReal controls the U.S. industrial platform directly.

The portfolio comprises 11 modern industrial properties totalling 3.3 million square feet in major population centres across Georgia, Pennsylvania, New Jersey, Texas and Washington state. LaSalle will acquire a 49%, while QuadReal will retain majority ownership and continue to manage the assets.

“This partnership capitalizes on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the Industrial sector,” said Jamie Weber, head of Americas for QuadReal. “We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor.”

The agreement includes additional capital commitments from LaSalle for future acquisitions of comparable industrial properties, offering room for significant portfolio growth.

“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, global portfolio manager at LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.  We’re pleased to work alongside QuadReal and look forward to future opportunities together.”

QuadReal’s U.S. industrial holdings span 23.5 million square feet, contributing to a global industrial portfolio of 156.3 million square feet.

Photo: Courtesy of QuaReal