UBS Asset Management announces USD700 million US cold storage development collaboration
- PGGM and a select group of family offices make initial investment of approximately USD700 million (approximate gross value)
- As one of the largest Agriculture and Real Estate investors in the US, UBS Asset Management is uniquely positioned to develop build-to-suit food cold storage development facilities across the region
- Initiative taps into growing demand for modern, energy efficient facilities which help to reduce food and water waste
New York, September 20, 2022 – UBS Asset Management’s Real Estate & Private Markets (REPM) business today announced its collaboration with Dutch pension fund manager, PGGM, and a select group of family offices to develop cold storage facilities in the US. The initial investment of approximately USD700 million (approximate gross value) will be utilized to construct large build-to-suit, state-of-the-art, food cold storage facilities across major food and transportation centers across the US.
According to Darren Rabenou, Head of Food & Agriculture, and Matt Johnson, Head of US Real Estate at UBS Asset Management:
By bringing together our firm’s expertise and capabilities in both perishable agriculture and real estate, we believe we are uniquely positioned to execute this cold storage strategy, offering investors access to opportunities early in the replacement cycle of dated facilities and providing tenants with the latest technologies in state-of-the-art facilities.
According to PGGM Private Real Estate team: 'We are excited to collaborate with UBS on this strategy to develop modern, efficient and sustainable cold storage facilities across the US, which fits well with PGGM’s focus on sustainable investment initiatives.”
UBS is one of the largest institutional managers of farmland in the US, currently managing over 280,000 farmland acres, across 16 different states and over 30 different major perishable and non-perishable food crops.
With approximately USD 29.4 billion invested assets since 1943 in US real estate, UBS invests across industrial, residential, office, self-storage, farmland, offices, and hotels.
UBS Asset Management
UBS Asset Management
UBS Asset Management is a large-scale asset manager with a presence in 23 markets. It offers investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients around the world. It is a leading fund house in Europe, the largest mutual fund manager in Switzerland, the second largest fund of hedge funds manager and one of the largest real estate investment managers in the world.
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