/ -- Taurus Investment Holdings, LLC ("Taurus") announced today the sale of an 8.2 million square foot logistics portfolio located in Chicago, Dallas, Atlanta and Memphis markets to Investcorp, a leading global provider and manager of alternative investment products. The portfolio consists of 117 buildings with more than 400 regional, national and international tenants. The firm exited its US Logistics Fund I and three co-investment vehicles totalling $204 million in equity capital. Taurus will remain the co-invested manager of the portfolio in a joint venture with Investcorp.
"Logistics is one of our highest conviction investment themes at present in the US and Europe, and the value created for our investors by this transaction further demonstrates our expertise in assembling a robust last-mile logistics portfolio," said Peter Merrigan, CEO of Taurus. "I am proud of our acquisitions and local asset management teams for their work in assembling and stabilizing this portfolio."
Lathan Allen, Managing Director of US Industrial at Taurus stated, "As consumers demand shorter delivery times, retailers are forced to expand their last-mile distribution footprint to compete. By targeting specific infill locations, we were able to benefit from this e-commerce demand and outperform our growth projections. We continue to see demand outpace supply in many of these submarkets and remain focused on further growing our logistics portfolio."
Ajay Prasad, the Country Managing Director for Taurus India said, "This transaction reaffirms Taurus' ability to build value across large portfolios of assets and to work with leading institutional investors to maximize returns for our investors. The logistics asset class has rapidly become one of the most attractive worldwide and India is growing into one of the most exciting markets for the logistics development. Taurus will look to leverage its capabilities in the market over the medium to long term."
About Taurus Investment Holdings LLC
About Taurus Investment Holdings India
The project is expected to generate about 30,000 direct and 75,000 indirect employment opportunities. It will be LEED Gold certified and its first phase, currently under construction, will be operational in 2021. www.downtowntvm.com