July 14, 2017
Montreal-based Ivanhoé Cambridge acquired Evergreen Industrial Properties’ portfolio of more than 150 properties, comprising roughly 16 million square feet from TPG Real Estate. Financial terms of the transaction were not disclosed, though the portfolio went on the market last year for $1.1 billion.
The portfolio covered 18 major markets such as Seattle, Denver, and Charlotte, as well as major distribution markets, including Atlanta, Chicago, and Dallas. Evergreen’s facilities offered strategic infill locations to distribution, e-commerce, and light manufacturing customers with a focus on “last mile” distribution.
Ivanhoé Cambridge’s Arthur Lloyd says, “Industrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers. We believe we have found the right fit with Evergreen.”
TPG Real Estate created Evergreen in 2014 and expanded the portfolio through 11 different acquisitions, encompassing 127 properties.
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