{"id":1004184047,"date":"2017-07-17T02:44:47","date_gmt":"2017-07-17T10:44:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184047"},"modified":"2022-12-08T11:12:17","modified_gmt":"2022-12-08T19:12:17","slug":"ivanhoe-cambridge-buys-evergreen-for-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-evergreen-for-1b\/","title":{"rendered":"Ivanho\u00e9 Cambridge Buys Evergreen for $1B"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Acquires<\/a>

Gateway Business Centre, Pinellas Park, Fla.<\/p><\/div>\n

With the stroke of a pen, Ivanho\u00e9 Cambridge has added 16 million square feet of U.S. industrial space to its holdings. The Montr\u00e9al-based global real estate company just wrapped up the acquisition of Evergreen Industrial Properties, taking the light industrial real estate specialist off the hands of frequent partner TPG Real Estate. Both Ivanho\u00e9 Cambridge and TPG are keeping their lips sealed on the transaction price, however, The Globe & Mail<\/em> reports that the 150-property portfolio traded for $1 billion.<\/p>\n

It was a calculated move on Ivanho\u00e9 Cambridge\u2019s part. \u201cWe started looking at companies in the industrial real estate sector over two years ago with the intention of making a strategic investment in this asset class,\u201d<\/em> Arthur Lloyd, president, Office North America at Ivanho\u00e9 Cambridge, said in a prepared statement. \u201cIndustrial real estate offers an attractive current return and good diversification for our office portfolio in terms of underlying economic drivers.\u201d<\/em><\/p>\n

The trade comes just three years after TPG formed Evergreen, kicking off the company with a 7.5 million-square-foot collection of 59 assets purchased from Prologis Inc. Ultimately, Evergreen\u2019s portfolio evolved into what it is today through a total of 11 acquisitions, including a 1.7 million-square-foot group of industrial properties in metropolitan St. Petersburg, Fla., featuring Gateway Business Centre in Pinellas Park and four other parks.<\/p>\n

There will be much more to come from Ivanho\u00e9 Cambridge on the industrial front. \u201cWe continue to look for opportunities as we plan to grow our industrial business in the years to come<\/em>,\u201d Lloyd added.<\/p>\n

Partnership can have its privileges<\/strong><\/h2>\n

Evergreen Industrial was marketed openly, but friendship is likely to have made the path to a deal a bit smoother. Ivanho\u00e9 Cambridge and TPG have history; the companies have been on the same side of the table in a bevy of transactions. One of their biggest deals together involves P3 Logistic Parks, a leading European owner, developer and manager of logistics properties. Ivanho\u00e9 Cambridge and TPG acquired P3 in 2013, and sold the company in 2016 to GIC, Singapore\u2019s sovereign wealth fund, for $2.7 billion. The sale of P3<\/a> marked one of the largest real estate transactions in Europe in 2016.<\/p>\n

Image\u00a0courtesy of Ivanho\u00e9 Cambridge<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction, which concludes a two-year search for the right industrial real estate company, expands the Canadian firm\u2019s portfolio by 16 million square feet in U.S. assets.<\/p>\n","protected":false},"author":969,"featured_media":1004184054,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,16,21783,23891,21742],"tags":[36768,33565,32956,36767],"class_list":["post-1004184047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-international","category-investment","category-national","category-latest","tag-evergreen-industrial-properties","tag-ivanhoe-cambridge","tag-prologis","tag-tpg-real-estate"],"acf":[],"yoast_head":"\nIvanho\u00e9 Cambridge Buys Evergreen for $1B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-evergreen-for-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ivanho\u00e9 Cambridge Buys Evergreen for $1B\" \/>\n<meta property=\"og:description\" content=\"The transaction, which concludes a two-year search for the right industrial real estate company, expands the Canadian firm\u2019s portfolio by 16 million square feet in U.S. assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-evergreen-for-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-17T10:44:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:12:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Gateway-Business-Centre-Pinellas-Park-Fla..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-evergreen-for-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ivanhoe-cambridge-buys-evergreen-for-1b\/\",\"name\":\"Ivanho\u00e9 Cambridge Buys Evergreen for $1B - 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