BGO Industrial Real Estate Income Trust, Inc. (BGO IREIT), based in New York, has recently acquired a 34.2% indirect ownership stake in a portfolio of industrial assets located in the Midwest. The value of this portfolio, known as the “Seed Portfolio,” is estimated at $948 million and consists of 29 buildings spanning over 9.4 million square feet across Cincinnati, Kansas City, St. Louis and Kenosha.
The purchase price for this acquisition was approximately $130 million and involved exchanging 13 million units of BGO IREIT’s operating partnership for the ownership interest in the Seed Portfolio.
According to Michael Glimcher, President CEO and Director of BGO IREIT , this diverse portfolio is occupied by high-quality tenants within a thriving industrial region making it an ideal addition to their growing income-producing U.S. industrial property holdings . As a perpetual-life REIT with monthly NAV reporting , BGO IREIT focuses on investing primarily in warehouse and logistics properties throughout the United States . It is externally managed by BentallGreenOak -a global leader specializing real estate investments- through its affiliate company .
This recent acquisition marks another milestone for BGO IREIT as it continues to expand its presence within key markets across America’s heartland.
