First Industrial Realty Trust, a leading provider of industrial real estate supply chain solutions, has announced that it has entered into a definitive agreement to invest in two state-of-the-art distribution facilities in the heart of Belgium's "Golden Triangle". First Industrial will invest in a two-building, 1.3 million ft² (117,800 m²) business park, which will be known as First Park Maritime Logistics, on a site that intersects the municipalities of Bornem and Puurs.
The facilities will be acquired on a forward-commitment basis on behalf of FirstCal Industrial Europe, a $475-million joint venture between First Industrial and the California State Teachers' Retirement System (CalSTRS), the second largest pension fund in the U.S. with a $160-billion portfolio. This transaction is the first acquisition by First Industrial in Europe and the first for the FirstCal Industrial Europe JV.
"First Park Maritime Logistics, with its intermodal transportation access, is a prime example of our investment strategy