StepStone Real Estate And GID Form Joint Venture, Closing $985M Manager-Led Secondary Transaction For 87-Building, 8 Million-Square-Foot U.S. Industrial Portfolio

New joint venture completes Manager-led secondary transaction of an 87-building portfolio across eight U.S. industrial markets

GID, the US-based real estate investment management firm with $33.3 billion in assets under management*, today announced the formation of a new joint venture with an affiliate of StepStone Real Estate (SRE), the real estate arm of global private markets investment firm StepStone Group (NASDAQ:STEP), and the closing of a $985 million Manager-led secondary in an 8.0 million-square-foot industrial portfolio. One of the largest US industrial transactions year to date, the portfolio comprises 87 buildings across eight major US markets. GID, which has managed the portfolio since 2021, will continue to serve as asset manager of the properties on behalf of the joint venture.

The infill portfolio spans Atlanta, Charlotte, Chicago, Dallas, Jacksonville, Portland, San Antonio, and Seattle, providing the joint venture with exposure to a diversified group of institutional industrial markets. The portfolio features a diverse tenant base and offers the potential for future value creation through active asset management and leasing.