BGO commits $475M to Xebec to form a new US-based industrial logistics real estate partnership

NEW YORK, June 25, 2021 – JLL Capital Markets announced today that it has advised and served as exclusive placement agent on a partnership with equity commitment of up to $475 million for industrial acquisitions in key markets across the United States.

JLL worked on behalf of Xebec, a Dallas-based fully integrated real estate development and investment management platform focused exclusively on the industrial and logistics real estate sector, to arrange the joint venture partnership with BentallGreenOak (“BGO”), a global real estate investment management advisor.

The commitment includes an initial $170 million joint venture with Xebec Logistics Trust, LP (“XLT”), an open-end sector specific fund established by Xebec in 2017, for the acquisition of a 13-property industrial portfolio totaling about 2.8 million square feet fully leased to high-quality tenants and valued at approximately $560 million. More than 80 percent of the portfolio is in Southern California, the country’s leading industrial market, and the remaining properties are in key markets in Illinois, Michigan, South Carolina and Florida.

Additionally, BentallGreenOak has committed $305 million in equity to Xebec’s future industrial logistics investment pipeline. BGO’s equity commitment is a key component to Xebec’s strategy of continuing to grow its portfolio of Class A industrial logistics assets located in major U.S. gateway, intermodal and logistics markets.

The JLL Capital Markets team that advised the joint venture equity partnership was led by Senior Managing Director Ted Flagg and Managing Director Sheheryar Hafeez with the M&A and Corporate Advisory group, along with Senior Managing Director and Equity Placement Platform Leader Michael Joseph (Cal. Lic. # 01338785).

“The ability to attract a premier partner like BGO is a testament to the quality of the platform Xebec has built,” Flagg said. “JLL is delighted to play its part in the formation of the partnership and we wish both partners success in their common endeavor.”

“The equity commitment by BGO sets Xebec towards achieving its goals of continuing to develop a leading U.S. logistics-focused platform alongside a like-minded partner,” Hafeez added. “We are confident the partnership will create significant value for both investors for a long period of time.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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