Ivanhoé Cambridge has joined forces with U.S. based GID Real Estate Investments with the aim of acquiring last-mile sites in close proximity to residential areas and employment nodes in major U.S. cities. Together, the two companies have 19-million square feet of industrial inventory in 15 American markets, including the former Evergreen Industrial portfolio, which Ivanhoé Cambridge acquired in 2017.
“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 U.S.,” says Mario Morroni, executive vice president, for Ivanhoé Cambridge’s North American industrial operations.
Rene Circ will serve as senior managing director and chief operations officer of the new venture, to be known as GID Industrial, while Mike Wenaas fills the roles of senior managing director and chief investment advisor.
“The partnership with Ivanhoé Cambridge brings expertise, global relationships and capital to our investment strategy, accelerating our growth,” Wenaas notes.
“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,” Circ advises.