UAE Wealth Fund sets up a joint venture for industrial real estate in the United States

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Crow Holdings CEO Michael Levy and Mohammed bin Zayed, Crown Prince of Abu Dhabi (Crow Holdings, Getty)

Crow Holdings CEO Michael Levy and Mohammed bin Zayed, Crown Prince of Abu Dhabi (Crow Holdings, Getty)

The Abu Dhabi-based Sovereign Wealth Fund is making big bets to capitalize on the hot US industrial property market.

According to Pensions & Investments, Mubadala Investment Co. partnered with Dallas-based investment firm Crow Holdings to build $ 1 billion in Class A industrial properties nationwide.

“Mubadala is committed to investing directly in industrial real estate in the United States and doing so on a large scale,” Michael Levy, CEO of Crow Holdings, told the publication. “This is a real joint venture in which Crow Holdings acts as both a developer and a capital partner.”

Neither company discloses how much each party is investing in the venture. Owned by the emirate of Abu Dhabi and closely associated with Crown Prince Mohammed bin Zayed, Mubadala Investment Co. has assets worth $ 243 billion. His U.S. real estate investments include the Park Lane Hotel in Manhattan, where he increased its share in 2019 on the wave 1MDB scandal.

Welfare fund contributed $ 15 billion to the first Vision Fund Softbank in 2017.

“We are proud to work with best-in-class partners and this joint venture with Crow is no exception,” said Khaled Abdullah Al Qubaisi, CEO of Real Estate and Infrastructure Investment Mubadala, in a statement to the Pension Fund and Investment. “Crow’s solid track record … complements our ambition to expand our industrial presence and capitalize on the rapid growth in US logistics demand.”

The industrial sector went hot during the pandemic as tenants led by Amazon hurried to take warehouse and retail space amid the e-commerce boom.

[Pensions & Investments] – Sasha Jones

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