Ares Management partnered with Canada's Public Sector Pension Investment Board (PSP Investments). They formed a venture to invest up to $2.4 billion. This capital targets logistics properties across the United States.
The venture begins with an initial portfolio. This portfolio includes 14 properties. These properties total 5.2 million square feet. Key industrial markets include California, Texas, and New Jersey.
Ares' real estate group will manage property sourcing and operations. This management occurs through its Marq Logistics platform. PSP Investments will provide the capital.
The partnership reflects strong logistics sector fundamentals. E-commerce growth drives these fundamentals. Onshoring of manufacturing also contributes. Increased demand for data centers further supports the sector.