BOSTON–(BUSINESS WIRE)–Longpoint Partners (“Longpoint”), a Boston-based real estate investment firm, today announced the closing of its joint venture with Brookfield through its Real Estate Secondaries business. The joint venture recapitalized a $700 million, 3.8 million square foot national logistics portfolio that was held in one of Longpoint’s closed-end funds. Longpoint will retain a stake in the portfolio and continue to manage day-to-day operations.
The portfolio includes 31 high-quality logistics assets located in supply-constrained infill locations in high-growth markets including New Jersey, DC, Dallas, South Florida and Boston. The assets are approximately 97% leased to a diverse list of over 200 tenants.
“In 2015, we formed a private equity firm specializing in the acquisition and transformation of logistics real estate in the US infill markets,” said Dwight Angelini, Managing Partner of Longpoint. “The 31 properties in this joint venture are a direct result of that vision and we are delighted to partner with Brookfield Real Estate Secondaries to continue to operate and invest in these high-yielding assets.”
“We are thrilled to partner with Longpoint on this opportunity to acquire a high-quality logistics portfolio in some of the nation’s strongest industrial markets,” said Marcus Day, Managing Director of Brookfield Real Estate Secondaries. “Shifting demographics, technological advancements and supply chain disruptions are creating significant opportunities for long-term value creation for well-located real estate assets. We are seeing a growing demand for secondary capital solutions that provide GPs and LPs with an additional track to execute longer-term business plans, enabling them to participate in future upside. This fund recapitalization with Longpoint highlights the win-win nature of GP-led secondaries for LPs and GPs.
Eastdil Secured represented Longpoint in the transaction.
About Longpoint Realty Partners
Based in Boston, MA, Longpoint Partners is a vertically integrated private equity firm with deep experience in acquiring and operating infill logistics real estate in major US markets. Longpoint chooses its investment and value creation strategy based on an analytical process that incorporates key factors impacting global supply chain restructuring, changing demographics and consumer buying habits . Longpoint is minority-owned and registered as an investment adviser with the SEC.
Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately US$690 billion in assets under management in real estate, infrastructure, renewable energy and transition , private equity and credit. Brookfield owns and operates long-lived assets and businesses, many of which form the backbone of the global economy. Using its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private investors.