GID FORMS INDUSTRIAL PLATFORM WITH IVANHOÉ CAMBRIDGE TO CAPITALIZE ON LONG-TERM DEMAND GROWTH IN URBAN INFILL INDUSTRIAL SECTOR
Platform consists of $2 billion gross Assets Under Management spanning 173 buildings and 19 million square feet plus additional capital for new investments
GID, a leading integrated real estate company active in the industrial sector since 1986, announced today the creation of GID Industrial, an investment platform formed with global real estate investor Ivanhoé Cambridge. Led by Rene Circ and Mike Wenaas, the platform will target industrial assets in growing markets across the United States.
“GID Industrial, with strong shared corporate values as well as a proven and seasoned management team, will complement our existing IDI Logistics big-box build-to-core strategy,” says Mario Morroni Executive Vice President, Industrial, North America of Ivanhoé Cambridge. “Our partnership with GID is perfectly aligned with Ivanhoé Cambridge’s investment strategy and positions us to accelerate the execution of our urban infill light-industrial strategy in the US and continue to create value for our stakeholders in this highly competitive environment going forward.”
GID Industrial will focus on acquiring, developing, and managing infill industrial product in locations near dense residential and employment nodes in close proximity to the end customer. The combined portfolio stands at 19 million square feet in 15 markets across the country.
“Supply chains that support online sales must evolve to accommodate the demand for faster delivery times, requiring more warehouse space closer to the consumer,” according to Rene Circ, Senior Managing Director and Chief Operating Officer of GID Industrial. “GID has been investing in infill locations for the last 60 years, and GID Industrial will target assets that benefit from the continued strength and evolution of supply chains, especially as online spending shows no sign of slowing.”
Joining Circ and Wenaas on the leadership team is CFO Michelle Mussafi, formerly of Colony Capital, and Portfolio Manager Gary Kroll, who has managed GID’s industrial investments for the last 20 years. They will oversee a team of experienced investment professionals and asset managers who are located in Boston, Dallas, Chicago, Oakland, and Atlanta. The Investments and Capital Markets team boasts more than 15 years of success in the industry, working together at Cobalt Capital Partners even before their years at Colony Industrial. The asset management capabilities were further strengthened by merging in Evergreen
Industrial, formerly owned by Ivanhoé Cambridge, bringing seven professionals with deep experience in operating industrial assets.
“Our team has spent significant time and resources investing in infill industrial real estate, long before it became an institutional asset class,” says Mike Wenaas, Senior Managing Director and Chief Investment Officer, GID Industrial. “The partnership with Ivanhoé Cambridge brings expertise, global relationships and capital to our investment strategy, accelerating our growth.”
Since these additions, GID Industrial has closed and committed to multiple acquisitions and developments in Tampa, Phoenix, Dallas, Las Vegas, and Northern New Jersey.
About GID Industrial
GID Industrial is a privately held industrial real estate platform with a portfolio that is comprised of 18.8 million square feet owned/under management in 15 markets with 173 buildings and over 450 tenants. Headquartered in Dallas, Texas with offices in strategic markets across the country, GID Industrial has a team of experienced investment and asset management professionals with vast experience in industrial real estate. More information is available at GID Industrial.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint. Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,100 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$60.4 billion in real estate assets as of December 31, 2020 and is a real estate subsidiary of the Caisse de dépôt et placement du Québec.
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