AIG Global Real Estate Joint Venture Targets Industrial Assets in the South East – Commercial Observer



AIG Global Real Estate (AIG GRE) and LB Asset ManagemenT have joined forces to jointly invest in an 8.6 million square foot portfolio of US industrial properties, the companies said on Monday.

The joint venture was set up to invest on behalf of three Korean institutional investors. The portfolio includes 86 industrial sites, located primarily in the southeastern United States. AIG GRE will manage assets with a total value of over $ 1 billion.

JLL Securities served as financial advisor to AIG GRE on the transaction.

“With the ongoing migration and population growth that has led to the relocation of large business and research centers to the region, coupled with the transformative impact of e-commerce, we are very excited about the prospects for the industrial market in the Southeast.” Doug Timins, President and CEO of AIG GRE, said in a statement. “In partnership with LB Asset Management, we look forward to further expanding our industrial portfolio by adding high quality assets in demanded markets.”

The joint venture expands AIG GRE’s industrial portfolio into what company officials call “high growth potential” markets in Virginia, Georgia, North Carolina and Tennessee. AIG GRE was founded in 1987 and is a Global Real Estate Investment Manager American International Group

The industrial portfolio represents the 36th position. real estate fund for LB Asset Management since its foundation in 2016. The Korean real estate fund management company has also invested in Amazon logistics center – located in Edinburgh, Scotland – with KB Securities last year for $ 86.5 billion.

“This joint venture with AIG Global Real Estate is an important milestone for our company,” said Managing Director of LB Asset Management. Yoon S. Cho said in a statement. “The portfolio is uniquely positioned in terms of product type and geographic location and offers immediate scalability in the US industrial market.”

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