Longpoint and Brookfield Announce Recapitalization of National Logistics Portfolio Through Newly Formed Venture

BOSTON–(BUSINESS WIRE)–Longpoint Partners (“Longpoint”), a Boston-based real estate investment company, today announced the closing of its joint venture with Brookfield through its Real Estate Secondaries business. The joint venture has 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 maintain an interest in the portfolio and continue to manage the day-to-day operations.

The portfolio comprises 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 diversified roster of over 200 tenants.

“In 2015, we created a specialized private equity firm devoted to acquiring and transforming logistics real estate in infill U.S. markets,” said Dwight Angelini, Longpoint’s Managing Partner. “The 31 properties in this joint venture are a direct result of that vision and we are excited to partner with Brookfield Real Estate Secondaries to continue to operate and invest in these high performing assets.”

“We are excited to partner with Longpoint on this opportunity to acquire a high-quality logistics portfolio in some of the strongest industrial markets in the country,” said Marcus Day, Managing Director at Brookfield Real Estate Secondaries. “Demographic shifts, technological advances, and supply chain disruptions are creating significant long-term value creation opportunities for well-located real estate assets. We are seeing increasing demand for secondary capital solutions that give GPs and LPs additional runway to execute longer-term business plans, allowing them to participate in future upside. This fund recapitalization with Longpoint highlights the win-win nature of GP-led secondaries for both LPs and GPs.”

Eastdil Secured represented Longpoint in the transaction.

About Longpoint Realty Partners

Headquartered in Boston, MA, Longpoint Partners is a vertically integrated private equity firm with deep domain experience in acquiring and operating infill logistics real estate in major U.S. markets. Longpoint chooses its investments and value creation strategy based on an analytical process that incorporates key drivers impacting the global supply chain restructuring, demographic shifts and consumer shopping patterns. Longpoint is minority-owned and registered as an investment adviser with the SEC.

About Brookfield

Brookfield (NYSE: BAM, TSX: BAM.A) is a leading global alternative asset manager with approximately US$690 billion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing 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 wealth investors.

Contacts

Media:
Megan Kivlehan, ICR

Megan.kivlehan@icrinc.com