FORT WORTH—Three years after establishing a light industrial platform, TPG Real Estate reportedly is planning to divest it. Citing sources said to be familiar with the deal, PERE reported Wednesday that the Fort Worth-based private equity firm is preparing to sell Evergreen Industrial Properties to Ivanhoé Cambridge, the real estate arm of Caisse de Depot et Placement du Quebec. The $1-billion sale would represent Ivanhoé's US debut in the industrial sector, although it has invested extensively in this property type elsewhere.
TPG launched Evergreen in May 2014 with a 7.5-million-square-foot acquisition from Prologis. The platform now spans over 150 assets comprising approximately 16 million square feet across 18 major markets.
“Evergreen's portfolio of light industrial warehouse facilities provides industrial and commercial tenants that desire in-fill locations in metropolitan areas with the ability to store goods as well as machinery and equipment for both distribution and manufacturing uses,” according to Evergreen's website.
“Based on this strategic focus on in-fill, light industrial facilities, Evergreen targets the acquisition of multi-tenant assets that are less than 250,000 square feet in locations that are well-positioned to serve the needs of growing metropolitan population centers.” TPG began marketing the Evergreen platform last August with a focus on the assets' suitability to last-mile logistics, PERE reported at the time.
TPG and Ivanhoé jointly owned, and sold, P3 Logistics Parks, an owner, developer and manager of logistics facilities in Europe. In three years of TPG/Ivanhoé ownership, P3 grew to approximately 35 million square feet. The buyer, announced last November, was Singapore sovereign wealth fund GIC in what was reportedly the largest commercial real estate deal in Europe during 2016.
Ivanhoé and Macquarie Capital acquired an Australia-based platform, LOGOS, in March 2016. More recently, LOGOS expanded into Singapore and Indonesia, with the Canada Pension Plan Investment Board coming in as co-investor with Ivanhoé.
Earlier this month, another asset management giant, the Blackstone Group, exited a logistics platform of its own. The US$13.8-billion sale of Blackstone's Logicor platform to China Investment Corp. is reportedly the biggest private equity deal to date in Europe.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
