US industrial and logistics real estate investment trust INDUS Realty Trust has acquired a majority interest in a $575m (鈧�543m) logistics portfolio owned by Childress Klein (CK).
The GIC and Centerbridge Partners-owned trust said it has bought the stake in the Carolinas Portfolio, a 4.3m sqft logistics portfolio comprising 21 buildings.
CK will maintain a minority stake in the Carolinas Portfolio while continuing to oversee management and leasing. The portfolio, which is 94% leased, comprises 16 buildings in Charlotte, North Carolina and 5 buildings in Charleston, South Carolina.
INDUS Realty鈥檚 acquisition forms part of a recapitalisation of around one-third of CK鈥檚 13.2m sqft industrial portfolio.
Michael Gamzon, president and CEO of INDUS Realty Trust, said: 鈥淲e are pleased to increase our scale in the Charlotte and Charleston markets and grow our exposure to the fast-growing Southeastern US region.
鈥淭he Carolinas Portfolio is exceptionally well-located in strongly performing, infill submarkets and has been constructed, maintained and leased to the highest quality standards by Childress Klein.鈥�
Fred Klein, founding partner of Childress Klein, said: 鈥淲e look forward to our joint venture and the opportunity to partner with INDUS. Their long-term partnership perspective aligns very well with our own philosophy and core values.
鈥淭his recapitalisation of a portion of our industrial portfolio allows CK to achieve a number of strategic objectives while continuing to be long-term owners and operators of this exceptional infill industrial portfolio.鈥�
Landon Wyatt III, founding partner of Childress Klein, said: 鈥淭his strategic partnership with INDUS allows us to leverage the strength of our current operating portfolio, while our existing land inventory gives us the ability to double our existing industrial portfolio.
鈥淒eveloping best-in-class industrial projects is what our industrial team excels at, and our partnership with INDUS positions us well for further long-term success and growth.鈥�
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