BGO Industrial Real Estate Income Trust, Inc. acquired an indirect 34.2% ownership interest in a portfolio of Midwestern industrial assets valued at about $948 million in exchange for 13 million units of its operating partnership.
The purchase price of the Seed Portfolio was approximately $130 million. The acquisition was completed on July 7, 2023.
The Seed Portfolio consists of 29 separate industrial buildings totaling over 9.4 million square feet located in Cincinnati, Kansas City, St. Louis and Kenosha, Wisconsin. Developed between 2012 and 2023, the portfolio is currently 90% leased to multiple tenants with a weighted average remaining lease term of approximately five years.
The properties house a diverse tenant roster featuring nationally recognized leaders in the distribution, logistics, and manufacturing sectors.
