The RMR Group Inc. has closed a $680 million private capital investment vehicle focused on the acquisition of industrial and logistics properties in the U.S. The closing comes with the addition of a new investor, a global sovereign wealth fund, which joins an existing institutional investor based in Asia and Industrial Logistics Properties Trust, one of the four publicly traded REITs for which RMR provides management services. Currently, the vehicle owns 12 industrial assets totaling 9.2 million square feet.
The RMR is serving as manager of the investment vehicle on behalf of ILPT, the Asia-based fund and the sovereign wealth fund, which own equity interests totaling 22 percent, 39 percent and 39 percent, respectively. The investment fund marks RMR’s first managed private capital investment vehicle. “The launch of RMR’s inaugural managed private capital investment vehicle is another avenue to grow our AUM and access capital that will allow us to take advantage of opportunities in the market,” Yael Duffy, vice president, asset management, for The RMR Group & chief operating officer for Industrial Logistics Properties Trust, told Commercial Property Executive.
The investment vehicle’s portfolio, sold into the joint venture by ILPT, was 100 percent leased as of September 30, 2020, to such tenants as Amazon, Procter & Gamble, Polaris Industries Inc. and La-Z-Boy. The properties are located in nine states predominantly in the Midwest, as well as in Florida, Kentucky, Maryland, Pennsylvania and Virginia. “We expect this investment vehicle may substantially grow in the future,” Duffy added.