(Reuters) - Industrial Property Trust Inc (IDDP.PK), a portfolio of U.S. industrial properties valued at around $3.3 billion, is exploring options, including a potential sale or equity recapitalisation, according to people familiar with the matter.
IPT has retained an investment bank to solicit interest from potential buyers, which could include private equity firms, public pension plans and other large real estate investors, the sources said this week.
If it opts for a recapitalisation rather than a sale, real estate investment firm Black Creek Group, which created IPT in 2012, would continue to manage the properties.
The sources asked not to be identified because the deliberations are confidential. Black Creek Group and IPT did not immediately respond to requests for comment.
IPT raised around $2 billion in capital in 2013 by issuing non-tradable shares to numerous private and individual investors. It has since acquired around 280 properties across the United States in a variety of industrial applications ranging from distribution to research and development.
Based in Denver, Colorado, Black Creek Group has sponsored 18 real estate investment platforms and operated more than 1,300 properties across sectors including office, industrial, retail and multifamily.
It has also developed more than $3 billion worth of properties, including 68 Walmart (WMT.N) stores.
Valuations of industrial real estate investment trusts have climbed in recent years, as a steady rise in online shopping has boosted demand for distribution centres.
The sector has also had a recent influx of private equity interest. Last year, a Chinese buyout consortium bought Global Logistic Properties (GLP), Asia’s biggest warehouse operator, for nearly $12 billion.
Also in 2017, China Investment Corporation agreed to acquire European warehouse owner Logicor from buyout firm Blackstone for nearly $14 billion.
Reporting by Carl O'Donnell in New York; Editing by Matthew Lewis