PLYMOUTH MEETING, PA—Locally based Exeter Property Group is about to sell 55 million square feet of US industrial space to a partnership of Abu Dhabi Investment Authority and PSP Investments, according to published reports. Colliers International first noted the approximately $3-billion deal was in the works in its second-quarter industrial report this past September. GlobeSt.com's requests for comment to Exeter and PSP were not returned by deadline Friday afternoon.

Exeter amassed the portfolio between 2007 and 2014, deploying capital mainly from its Exeter Industrial Value Funds I and II, CoStar Group reported Friday. PERE said Friday that following the closing of the sale, which is expected to occur next week, the properties will be rolled over into a new core vehicle which Exeter will continue to manage. Exeter will maintain an interest in the properties, although the portfolio will primarily be controlled by ADIA and Montreal-based PSP.

Eastdil Secured brokered the portfolio sale and is also advising ADIA and PSP on the financing, according to CoStar. CBRE assisted in marketing the properties, Commercial Mortgage Alert reported.

The current year has seen several large industrial portfolios trade domestically to overseas ownership. This past February, Singapore's sovereign wealth fund, GIC Pte. Ltd., and Global Logistics Properties closed on their $8-billion acquisition of the Blackstone Group's IndCor industrial platform.

Over the summer, GLP made a second entity-level acquisition, snapping up Industrial Income Trust for $4.55 billion; the deal closed in early November. In June, Prologis and Norway's SWF, Norges Bank Investment Management closed on a 55/45 joint venture to acquire KTR Capital for $5.9 billion.

Separately, Exeter is marketing a new fund, Exeter Core Industrial Club Fund II LP, amid a positive climate for the sector. "Favorable supply-demand environment supports additional income growth, as trade and population growth continue to drive warehouse demand," according to a report earlier this week from the Pennsylvania Public School Employees' Retirement System, which has committed up to $100 million to the fund. "Following several years of rent growth, in-place leases are substantially below market and will boost industrial property NOI as renewed. National vacancy levels have fallen to 6.1% as of 6.30.15, the lowest level in 15 years."