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Vereit forms $407M industrial JV with Korean investor

Diversified real estate investment trust VEREIT Inc. formed an 80/20 joint venture with Korea Investment & Securities Co. Ltd. for a six-asset industrial portfolio totaling roughly $407.0 million.

The fully leased assets comprising 4.8 million square feet in five states will become the seed portfolio of a Korean Investment industrial fund that will be advised by Ocean West Capital Partners LLC, according to a release.

The investment reflects a capitalization rate of about 6.0%.