BOSTON, May 2, 2022 — Rockpoint, a Boston-based real estate investment management firm, today announced it has formed a platform with a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”). The platform will target industrial investment opportunities representing approximately $2 billion in gross asset value. The new investment vehicle will focus primarily on build-to-core industrial investments in high barrier-to-entry locations across infill, demand-driven, gateway and growth markets in the U.S.
This platform follows Rockpoint’s announcement in February 2021 that the firm had formed a strategic partnership with leading industrial real estate investor and operator Ben Harris. This strategic partnership has generated and is expected to continue to generate significant industrial investment opportunities for Rockpoint’s existing opportunistic and growth and income funds in addition to opportunities for the new platform. Mr. Harris is an industrial sector veteran with over 24 years of multi-cycle experience, and has acquired, developed and/or operated nearly 500 million square feet of industrial properties across 50 markets.
Concurrently, the platform announced the closing of its first investment, 865 Embedded Way, a 117,520 square foot, class A industrial development project on a 10.6-acre site, located in Silicon Valley’s supply-constrained South San Jose submarket. (Ed. note: According to public documents, the property was purchsed for $15,699,500.)
“We are excited to partner with ADIA in a lower-risk vehicle that complements our existing funds and allows us to continue expanding our capabilities and platform in the industrial sector,” said Bill Walton, Co-Founder and Managing Member at Rockpoint.
Mohamed AlQubaisi, Executive Director of the Real Estate Department at ADIA, said, “We have built a sizeable portfolio of industrial real estate assets and continue to see attractive opportunities in the sector. This new platform with Rockpoint aligns with our approach of investing with proven partners to target specific areas of value.”
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm headquartered in Boston with additional domestic offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located in major markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 16 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm and have raised approximately $26 billion in capital commitments. As of September 30, 2021, Rockpoint’s investment team with others has invested or committed to invest in 460 transactions with a total peak capitalization of approximately $70 billion (inclusive of fund equity, co-investor equity and debt).
Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.