In 2021, we acquired a US-based warehousing and distribution logistics facility situated in Ohio and fully leased to FedEx Inc. in a transaction valued at approximately US$100 million. The acquisition comes in line with our logistics and industrial real estate investment approach, which focuses on the acquisition of high quality logistics assets in key distribution hubs to capitalize on the strong tailwinds from growing e-commerce penetration rates and sales.

As the world’s second largest courier and delivery service provider, FedEx benefits from the increased e-commerce demand from a multitude of players and sources. The growth of e-commerce is significant across the North American landscape and therefore, fueling increasing demand from logistics players such as FedEx to be located in central and strategic hubs to satisfy demand.

The FedEx facility has a unique location with scarce comparable supply in the surrounding area, making it attractive to blue chip tenants and an attractive investment opportunity. The asset is a mission-critical facility for FedEx and the company’s growing national ground delivery business.