NEW YORK–(BUSINESS WIRE)–Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of six logistics assets totaling 2.3 million square feet in Houston, Texas.
The assets are strategically located less than 8 miles from Port Houston, which lifts 3.8 million TEUs annually and is the fifth-largest container port in the United States. Port Houston is investing $1.7 billion over the next five years to modernize and expand its existing facilities. Houston’s transport infrastructure is further supported by an extensive rail network anchored by Union Pacific, BNSF, and CPKC. Houston has seen positive demographic trends, with a population of 7.5 million that has grown three times the national average since 2014 and trailing 12-month job growth of 2.3% compared to the national average of 1.6%.
“We are thrilled to add these high-quality assets to our port logistics platform, which has grown rapidly over the past year,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We continue to believe in the power of supply chain real estate anchored by essential port infrastructure, given its mission-critical role in local and national supply chains, and we are excited to continue investing behind this theme.”
To date in 2024, Stonepeak has acquired 20 logistics assets totaling 7 million square feet. Most recently, Stonepeak acquired a 1.8 million square foot logistics portfolio located near the Port of Jacksonville, Florida. Earlier this year, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas and a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.
Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.
Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.
