Black Creek Group’s Investment Platform, Industrial Property Trust, Sells $4 Billion in Real Estate Assets
January 22, 2020 | Margaret Armour | Blue Vault
On January 8, Black Creek Group announced the closing on the sale of Industrial Property Trust, an investment platform owned by the firm, wholly-owned real estate valued at approximately $4 billion. Affiliates of Prologis, Inc. purchased the real estate assets, which included:
• 37.5 million square feet of industrial space, of which 96% is currently leased
• 236 properties located across 24 geographic areas, including Atlanta, Chicago, Dallas, Seattle, Southern California, and New Jersey
Black Creek Group announced the transaction with Prologis in July 2019.
“Black Creek has a long history of creating value through our investment solutions and the completion of this transaction is a testament to both our strategy and the strength of the industrial sector,” said Raj Dhanda, Chief Executive Officer at Black Creek Group. He added, “We are pleased to deliver on our commitment of building high-quality portfolios that provide investors with healthy shareholder returns and we remain dedicated to the industrial sector as we continue to acquire and develop industrial assets for our other portfolios. Our goal is to continue to deliver strong investment results for investors in our portfolios in the future.”
Denver-based Black Creek Group is a real estate investment firm that has bought or developed over $20 billion of investments during its 25-year history. As of September 30, 2019, the firm had $10.7 billion assets under management and sponsored three nontraded REITs. This sale denotes the seventh program the Company has taken full-cycle following either a liquidity event or IPO on the New York Stock Exchange.
Source: Black Creek Group, Blue Vault
