Arizona State Retirement System Backs Leading Industrial Real Estate Investor Westcore with $500 Million
Westcore, a leading industrial real estate acquisition, development and asset management firm, has secured an additional $500 million equity capital commitment from capital partner Arizona State Retirement System (ASRS) to support their national growth plans.
The investment, combined with ASRS’s previous capital commitment, and backing from two other life insurance companies, will provide a combined institutional equity capital commitment for Westcore of $1.3 billion.
ASRS’s newest capital commitment supports the firm’s expansion into growth markets across the nation that offer high-quality core plus and value-added institutional industrial investment and development opportunities.
“Continued growth in e-commerce and a robust economic recovery are fueling unprecedented demand for well-located, quality industrial real estate. We believe these strong fundamentals support aggressive capital deployment into the space,” said Don Ankeny, president and CEO of Westcore. “We’re pleased to have such a highly regarded institutional capital partner share our perspective and help us accelerate our portfolio growth.”
Westcore will continue investing in strong primary and secondary markets with favorable supply-demand dynamics and growth potential. During 2020 alone, Westcore acquired over $1 billion worth of industrial real estate, comprising over 11 million square feet of building space. The Westcore portfolio covers 10 states across the US, with additional states slated for 2021.
“Competition has increased for industrial assets in all our target markets. We have a long track record in this sector and are confident in our ability to acquire both listed and off-market opportunities,” said Westcore Chairman Marc Brutten.
In addition to its robust acquisition activity, Westcore currently has 1.8 million square feet of new warehouse space in development in three national markets.
Founded in 2000, Westcore is a fully integrated, entrepreneurial industrial real estate investment company with institutional scale and capabilities. Guided by outcomes and driven by values, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.