Dubai’s GFH divests US logistics facility for $151mln

By Zawya

By Staff Writer

GFH Partners has divested a Chicago logistics hub, one of its major industrial real estate assets in the US, for $151 million to Michelin North America.

The 2-million-square-foot logistics facility sits on a 91-acre site in Wilmington, Illinois, approximately 60 miles southwest of downtown Chicago. The Dubai-based firm, along with Silver Creek Development, acquired the facility in February 2021.

The facility is one of only two super regional distribution centres used by Michelin in the US, GFH said in a statement on Wednesday.

GFH called the sale a “successful exit” for its investors. It noted that the company remains an active investor in the logistics sector.

(Writing by Cleofe Maceda; editing by Seban Scaria)

seban.scaria@lseg.com

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