NEW YORK (Sept. 27, 2023) – BGO Industrial Real Estate Income Trust, Inc. (“BGO IREIT”), an externally managed, non-traded real estate investment trust focused on investing in primarily stabilized, income-oriented industrial warehouse and logistics properties primarily located in the United States, announced the acquisition of an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets (the “Seed Portfolio”) valued at approximately $948 million (as of March 31, 2023), in exchange for 13 million units of its operating partnership. The purchase price of the Seed Portfolio was approximately $130 million. The acquisition was completed on July 7, 2023.
The Seed Portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wisconsin. Developed between 2012 and 2023, the portfolio is currently 90% leased to multiple tenants with a weighted average remaining lease term of approximately five years. Moreover, the properties house a dynamic and diverse tenant roster, featuring nationally recognized leaders in the distribution, logistics, and manufacturing sectors.
“The Seed Portfolio highlights our portfolio construction strategy of aggregating modern industrial warehouse and logistics assets that connect global supply chains to consumers,” said Michael Glimcher, president, CEO, and Director of BGO IREIT. “This 29-building portfolio is well-occupied by institutional-grade tenants in the heart of a thriving industrial region and is the keystone in what we believe will be a premier portfolio of income-producing U.S. industrial properties.”
About BGO Industrial Real Estate Income Trust
BGO IREIT is a perpetual-life, monthly NAV REIT that seeks to invest in stabilized, income-oriented industrial warehouse and logistics properties located primarily in the United States. BGO IREIT is externally managed by an affiliate of BentallGreenOak, a global leader in real estate investing with approximately $83 billion USD of assets under management (as of June 30, 2023). For additional information, please visit www.BGOIREIT.com.
BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of June 30, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BGO is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
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This press release contains forward-looking statements about BGO IREIT’s business, including, in particular, statements about its plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words or the negatives thereof. These statements include BGO IREIT’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond BGO IREIT’s control. Although BGO IREIT believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and BGO IREIT’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by BGO IREIT or any other person that its objectives and plans, which BGO IREIT considers to be reasonable, will be achieved.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.