Ares, PSP Establish $2.4B U.S. Logistics JV

Ares Management and Canada’s Public Sector Pension Investment Board have formed a joint venture that plans to invest up to $2.4 billion in U.S. logistics real estate. The venture begins with a 5.2 million-square-foot portfolio of 14 properties in major industrial hubs, including California, Texas and New Jersey, and will target cash-flowing assets in high-growth markets. Marq Logistics, Ares Real Estate’s logistics platform, will source and manage the properties, while the partners cite e-commerce, onshoring and digital infrastructure expansion as long-term demand drivers.