U.S. Co-Investment Real Estate Opportunities

U.S. Co-Investment Real Estate Opportunities

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Real estate investment opportunities for accredited investors, financial advisors and institutions. Focused on delivering attractive growth and medium to long-term income for investors through the development of industrial projects in U.S. growth markets

Investment Strategy

Focused predominantly on industrial development projects in strong markets across the United States. We focus on speculative or build-to-suit ground-up developments of logistics and distribution warehouses in high growth markets such as Atlanta, Phoenix Dallas, etc



We partner with strong local and regional developers that have a proven track record in selected growth markets



We are actively involved in the construction process and control the project delivery which enables us to deliver properties at a far more attractive cost basis than buying newly constructed properties



Once construction is completed we realize the created value by selling the asset or refinancing and hold for stable cash flow.

Why Industrial?

Industrial Property Market Trends

  • Since the 2008-2009 financial crisis, the industrial property vacancy rate has declined consistently from 10% in 2009 to 5.2% today
  • Industrial property average asking rent has grown from US$ 4.00 PSF to US$ 6.20 PSF in 2020, growing 8.8% YOY from 2019
  • Q1 2020 marked the 40th consecutive quarter of positive net absorption, recording 34 million SF in the quarter
  • Driven by greater distribution networks and access to Eastern ports, construction activity started to shift from West to East

Disruption Adds Drivers for Industrial Real Estate Demand +

  • Obsolete industrial inventory

    • Requirements for ceiling heights increased from 22’ in the 2000s to over 30’ today to accommodate more vertical storage
    • Need to accommodate larger trucks and more frequent loading activity
    • Shift to larger scale facilities to increase capacity
  • Last mile delivery

    • The rise of e-commerce requires industrial space close to population centers to decrease fulfilment times7
    • Economic expansion
    • GDP growth and continuous increase in personal consumption drove industrial demand
  • Increase in e-commerce

    • COVID significantly accelerated the adoption of e-commerce, with a portion of increased demand likely to remain in place after the pandemic. This will drive a structural increase in demand for additional distribution and logistics centers

Macro Drivers for Future Growth in Industrial Real Estate +

  • Supply chain transition from efficiency to resiliency
    • The pandemic revealed high disruption risk in the just-in-time (“JIT”) approach, increased inventory is needed bridge possible disruptions. Demand for industrial warehouse space will increase
    • The US is too dependant on complex and fragile international supply chains, the production of essential goods needs to be re-shored to strengthen the resiliency of the supply chain
  • The main trend moving out of the COVID pandemic is the need to re-shore essential industries and strengthen the resiliency of the supply chain – re-shoring will result in an influx of industrial activity and increasing levels of logistic activities
    • Moving away from the JIT manufacturing approach will require more warehouse space to accommodate higher levels of inventory
  • The pre-COVID e-commerce trend is being accelerated as people become more comfortable ordering their everyday essential items online resulting in increased demand for last-mile delivery and distribution space
  • During 2019, over 100 million SF of industrial space was absorbed by e-commerce retailers and 3rd party logistics operators9
    • Amazon alone absorbed 25 million SF during 2019
    • Data centers play a significant role in this transition to more online activity as all online-data requires physical server space
  • Construction of data centers is expected to develop to US$ 32.5 billion industry by 2025 (8.34% CGAR)
  • Co-Star estimates that the e-commerce will take up to 22% of all retail sales by 2023, correspondingly its share of occupied industrial space increases to over 500 million SF
  • CBRE forecasts net absorption for the entire industrial sector to reach 333 million SF by 2022, outpacing current under construction inventory of 329 million SF

Industrial Properties Outperforming all other Property Types +

  • Since 2015, industrial property returns have outperformed all other property types
  • In 2019, annual returns for industrial (13.5%) more than doubled the return of office (6.5%) and apartment (5.5%) properties and were more than 6x as high as retail properties (1.9%)
  • From 2016 to 2019, industrial properties recorded the largest NOI growth of all property types recording annual growths between 6.0% and 8.0% compared to the declining NPI index at just over 4.0% at YE 2019
  • Industrial properties experience record low vacancy rates sitting at 5.2% in Q1 2020

Sample Projects from ICM U.S. Co-Investment Real Estate LP I

(USCI I is closed and fully deployed)

Spartanburg Building I

Completed development of a Class A industrial warehouse with 32’ clear ceiling heights located in the Atlanta/Charlotte Corridor

Location: Spartanburg, SC
Asset Type: Industrial
Initial Size: 273,000 SF
Investment Date: Q2 2018
Construction Start: Q1 2018
Sale Date: Q3 2019

Star Metals Residences

First-to-market luxury, hi-tech multifamily offering in West Midtown Atlanta

Location: Atlanta, GA
Asset Type: Residential
Initial Size: 409 Units, 16,000 SF retail
Investment Date: Q2 2018
Construction Start: Q4 2019
Unit Availability Beginning: Q3 2020
Final Completion: Q3 2021

Star Metals Offices

Development of a Class AA mix-use, hi-tech office building in West Midtown Atlanta, one of the city’s most desired neighborhoods

Location: Atlanta, GA
Asset Type: Office
Initial Size: 270,000 SF
Investment Date: Q1 2019
Construction Start: Q4 2019
Unit Availability: Q2 2021

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