A consortium headed by global alternative asset manager TPG has paid $628 million for a 53-property, 5.4 million-square-foot industrial portfolio in an acquisition deal guided by Greenberg Traurig, TPG announced Friday.
In its announcement, TPG said the 87% occupied portfolio has “distribution, logistics and manufacturing facilities” and that 75% of the properties are located in the Southeast United States.
The properties are operating in Minnesota, North Carolina, Georgia, Oregon, Tennessee, Illinois and Florida, TPG said.
“This acquisition represents another significant milestone in our investment strategy and reinforces our conviction in the long-term fundamentals of the U.S. shallow bay industrial sector,” TPG AG’s managing director Chris Oka said in a Friday statement.
The consortium, which is led by the TPG AG U.S. Real Estate platform, includes private equity real estate firm Redfearn Capital, private real estate investment firm Matterhorn Venture Partners, and real estate investment firm Atlanta Property Group, TPG said.
Redfearn Capital “sourced and led” the portfolio buy, according to TPG.
Redfearn Capital said in its own Friday announcement that its partnership with TPG started in 2021.
After this recent acquisition, Redfearn Capital currently oversees an 8 million-square-foot portfolio and more than $1.2 billion worth of assets, the firm said.
Founder, CEO and President Alex Redfearn said in a statement Friday that his company has been “building an industrial platform centered on well-located infill assets in markets with long-term demand.”
“This transaction accelerates that strategy in a meaningful way. It expands our presence across the Southeast, increases our operating scale, and positions us to continue growing through disciplined acquisitions,” he added.
Information about the portfolio seller or sellers wasn’t disclosed.
Redfearn Capital declined to provide additional comment Friday. TPG didn’t respond to a request for additional comment.
Matterhorn and Atlanta Property Group didn’t respond to requests for comment.
The consortium is represented by Michael J. Baum, Farah S. Ahmed, Timothy W. Donovan, Benjamin A. Householder, Harrison S. Kleinman, Michael J. Larson, Gavin M. Loughlin and Andrew J. Towbin of Greenberg Traurig LLP.
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