BGO commits $475M to Xebec to form a new US-based industrial logistics real estate partnership
JLL Capital Markets acted as exclusive equity financial advisor and placement agent to Xebec
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Xebec is a privately held real estate investment platform that provides vertically integrated and full-service real estate acquisition, development, ownership, financing, leasing, property management and real estate investment management services. With over 30 years of industrial real estate development and investment operations, the company focuses on fulfillment, warehouse and distribution centers (bulk logistics), light industrial and infill/last-mile properties located primarily in U.S. coastal and inland logistics markets with major port and rail terminals and trucking intermodal infrastructures.
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $62 billion USD of assets under management (as of March 31, 2021) and expertise in the asset management of office, industrial, multi-residential, retail and hotel property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where BentallGreenOak invests in and manages real estate assets on behalf of clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
For more information, please visit bentallgreenoak.com.