GIC, a global real estate investment manager with a multi-billion dollar investment portfolio, has put up $75 million in cash for the 50-50 joint venture, and AMB has put up $76 million in cash and properties. At closing, the joint venture also assumes $73 million of existing debt and AMB provides a short-term loan for $111 million that will be repaid with long-term financing proceeds. The venture expects to use financing of up to 65% of the total capitalization.

The joint venture will start out owning and operating 59 industrial buildings in six US metropolitan markets. As a general partner, AMB will receive distributions for acquisitions and asset management.

In February, AMB announced a $250-million private partnership with the City and County of San Francisco Employees' Retirement System that will acquire, develop and redevelop distribution facilities nationwide. CCSFERS, a pension fund with $12 billion of assets under management, committed $50 million of equity to be invested in industrial distribution properties. AMB put another $50 million worth of industrial properties, and the joint venture was have debt financings of up to $150 million.