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Blackstone, KKR, and other PE players ride a trend propelled by ecommerce’s expansion.
Mergers and acquisitions (M&A) are expected to surge next year, as private equity leads the way with assets under management (AUM) projected to hit $5.8 trillion by 2025, up almost a third, says Deloitte.
But what’s their hottest target? Tech companies? Pharma producers? Fast food chains? Nope. Try warehouses. The explosion of ecommerce has induced private equity (PE) acquirers to pounce on space that can speed delivery to consumers, says a research report by Pitchbook.
Overall deal value has dropped 18% globally and the number of M&A transactions slid 10%, year over year, in the third quarter, owing to pandemic fears. Still, PE firms and companies are sitting on huge amounts of cash and can borrow cheaply, which should result in more activity amid mass vaccinations.
In addition to the usual suspects, ultra-high-net-worth investors and foreign entities are making more industrial bets.
Driven by the pandemic, acceleration in online shopping and an increase in onshoring of manufacturing, demand for industrial space continues to outpace supply in many markets. Over the last couple of months, a significant number of large industrial portfolios and complexes changed hands, as institutional and private investors from both the U.S. and abroad, including equity funds, placed capital in this sector.
“The capital chasing industrial is broad-based, but it’s the usual suspects [who] are active REITs, pension funds, insurance companies and private equity firms. But global capital is pouring into U.S. industrial as well, including sovereign wealth funds, global financial institutions and pension funds,” says Orange County-Calif.-based Mike Kendall, executive managing director for investment services, Western region, with real estate services firm