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Taurus sells US logistics real estate portfolio for $614 million

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Real estate private equity firm Taurus Investment Holdings LLC said Nov. 25 it has sold its 8.2 million-square-foot U.S. logistics portfolio to Investcorp., a provider of alternative investments, for $614 million.

In so doing, the firm exited its US Logistics Fund I and three co-investment vehicles. Boston-based Taurus said it will remain a co-invested manager of the portfolio through a joint venture with Investcorp.

The properties, located in Chicago, Dallas, Atlanta and Memphis, consist of 117 buildings occupied by more than 400 regional, national and international tenants, Taurus said. 

Taurus did not address the reasons for the sale in its statement. Private equity firms typically have specific holding periods for portfolio assets and need to dispose of the assets within that time frame.

Taurus made clear that it has not lost interest in the logistics real estate segment in the U.S. and Europe, especially as demand grows for urban properties that can be built or transformed into last-mile fulfillment centers. Taurus CEO Peter Merrigan said in the statement that logistics remains “one of our highest conviction investment themes” on both sides of the Atlantic.

Mark Solomon

Formerly the Executive Editor at DC Velocity, Mark Solomon joined FreightWaves as Managing Editor of Freight Markets. Solomon began his journalistic career in 1982 at Traffic World magazine, ran his own public relations firm (Media Based Solutions) from 1994 to 2008, and has been at DC Velocity since then. Over the course of his career, Solomon has covered nearly the whole gamut of the transportation and logistics industry, including trucking, railroads, maritime, 3PLs, and regulatory issues. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. Postal Service from a mail-focused service to parcel, as well as the exponential, e-commerce-driven growth of warehouse square footage and omnichannel fulfillment.