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NEW YORK (Sept. 27, 2023) – BGO Industrial Real Estate Income Trust, Inc. (“BGO IREIT”), an externally managed, non-traded real estate investment trust focused on investing in primarily stabilized, income-oriented industrial warehouse and logistics properties primarily located in the United States, announced the acquisition of an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets (the “Seed Portfolio”) valued at approximately $948 million (as of March 31, 2023), in exchange for 13 million units of its operating partnership. The purchase price of the Seed Portfolio was approximately $130 million. The acquisition was completed on July 7, 2023.
The Seed Portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wisconsin. Developed between 2012 and 2023, the portfolio is currently 90% leased to multiple tenants with a weighted average remaining lease term of approximately five years. Moreover, the properties house a dynamic and diverse tenant roster, featuring nationally recognized leaders in the distribution, logistics, and manufacturing sectors.
“The Seed Portfolio highlights our portfolio construction strategy of aggregating modern industrial warehouse and logistics assets that connect global supply chains to consumers,” said Michael Glimcher, president, CEO, and Director of BGO IREIT. “This 29-building portfolio is well-occupied by institutional-grade tenants in the heart of a thriving industrial region and is the keystone in what we believe will be a premier portfolio of income-producing U.S. industrial properties.”
BGO IREIT is a perpetual-life, monthly NAV REIT that seeks to invest in stabilized, income-oriented industrial warehouse and logistics properties located primarily in the United States. BGO IREIT is externally managed by an affiliate of BentallGreenOak, a global leader in real estate investing with approximately $83 billion USD of assets under management (as of June 30, 2023). For additional information, please visit www.BGOIREIT.com.
BGO is a leading, global real estate investment management advisor, real estate lender, and a globally recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of June 30, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets.
BGO is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com
Media Contact:
Jill Swartz
Spotlight Marketing Communications
949-427-1389
jill@spotlightmarcom.com
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This press release contains forward-looking statements about BGO IREIT’s business, including, in particular, statements about its plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words or the negatives thereof. These statements include BGO IREIT’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond BGO IREIT’s control. Although BGO IREIT believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and BGO IREIT’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by BGO IREIT or any other person that its objectives and plans, which BGO IREIT considers to be reasonable, will be achieved.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
This sales and advertising literature is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus. This literature must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved of our common stock, determined if the prospectus is truthful or complete or passed on or endorsed the merits of the offering. Any representation to the contrary is a criminal offense.
Past performance does not guarantee future results. Financial data is estimated and unaudited. The words “we,” “us,” and “our” refer to IREIT, together with its consolidated subsidiaries, including BGO REIT Operating Partnership LP, unless the context requires otherwise.
Opinions expressed reflect the current opinions of IREIT as of the date appearing in the materials only and are based on IREIT’s opinions of the current market environment, which is subject to change. Stockholders, financial professionals and prospective investors should not rely solely upon the information presented when making an investment decision and should review the most recent prospectus, as supplemented, available at www.bgoireit.com. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice.
An investment in shares of common stock of BGO Industrial Real Estate Income Trust, Inc. (“IREIT”) involves a high degree of risk. These securities should only be purchased if you can afford to lose your complete investment. Please read the prospectus for a description of the material risks associated with an investment in IREIT. These risks include, but are not limited to, the following:
This sales and advertising literature contains forward-looking statements about IREIT’s business, including, in particular, statements about its plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words or the negatives thereof. These statements include IREIT’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond IREIT’s control. Although IREIT believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and IREIT’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by IREIT or any other person that its objectives and plans, which IREIT considers to be reasonable, will be achieved.
You should carefully review the “Risk Factors” section of the prospectus for a discussion of the risks and uncertainties that IREIT believes are material to its business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, IREIT does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BentallGreenOak Real Estate US LLC, Dealer Manager / Member FINRA
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