Global alternative investment firm Investcorp has set up a US industrial real estate investment venture with two unnamed 鈥渓eading sovereign wealth funds鈥�.
Investcorp said the $550m (鈧�475.2m) investment vehicle will have a $1.6bn investment firepower to focus on industrial real estate in the US.
Herb Myers, co-head of real estate, North America at Investcorp, said the increasing pace of e-commerce adoption, especially throughout the pandemic, has demonstrated growing demand for last-mile logistics.
鈥淭his venture positions us well to expand our national industrial footprint in an asset class that we believe will continue to have strong fundamentals.鈥�
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