ICM Asset Management Announces Successful Winding Up of USCI I and the Launch of USCI III
(November 2024 – Calgary, Alberta) ICM Asset Management is pleased to announce the wind up of ICM U.S. Co-Investment Real Estate LP I (USCI I). Launched in 2018, the fund deployed over US$64 million across six projects in three states, achieving a full-cycle IRR of 14.2% and MOIC of 1.72x, surpassing its initial projections.
Among its notable investments was Glendale Industrial, a 272,000 SF multi-tenant industrial project in Phoenix, developed in partnership with Kentwood Ventures. The project commenced constructed in Q3 2020 and was sold to an Atlanta-based real estate company following completion in Q2 2022 for a gross sales price of $154 PSF, generating an IRR of 66.5% and a 1.82x MOIC for USCI I. ICM considers the fundamentals of the U.S. industrial market to be robust, priming it for sustainable growth over the coming years.
Building on the success of USCI I, ICM is excited to announce the launch of ICM U.S. Co-Investment Real Estate LP III (USCI III), a private limited partnership focused on delivering strong returns through a dual strategy: developing high-demand properties and opportunistically acquiring existing assets at attractive valuations amid current capital market dislocation.
USCI III will focus on deploying capital within the U.S. Sunbelt region, which continues to exhibit robust population growth and expanding economic opportunities, driven by affordability, lower taxes, more favourable government policy and positive lifestyle factors. The fund aims to make 8-12 investments, targeting returns of 18% IRR and a 2.5x MOIC over a five to seven-year horizon.
The fund’s first seed investment is Mack Industrial Park, encompassing Phases II and III of a 1.3 million square foot industrial development on a 165-acre entitled land parcel in North Phoenix, Arizona. The project is being led by the General Partner, Mack Real Estate Group, a renowned developer and operator with over 60 years of experience in Arizona.
USCI III builds upon the foundation of its predecessors, USCI I, which successfully concluded ahead of expectations, and USCI II, which is currently performing in line with its initial projections.