Commercial US Real Estate Venture Targets the EU

Feb. 28, 2008
Supply chains continue to evolve in the European Union, and we expect customer demand for distribution centers and other industrial facility types to

“Supply chains continue to evolve in the European Union, and we expect customer demand for distribution centers and other industrial facility types to grow in key logistics hubs such as Rotterdam, Amsterdam, and the Golden Triangle in Belgium,” said Mike Brennan, president and CEO of First Industrial.

The joint venture, FirstCal Industrial Europe LLC, will have a total investment capacity of $475 million. The expected capitalization is 35% equity and 65% debt. The California State Teachers' Retirement System has agreed to contribute up to $150 million initially and First Industrial agreed to contribute up to $17 million.

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