Realty Income Corporation announced a $1.5 billion joint venture with Singapore‑based GIC, creating a programmatic partnership focused on build‑to‑sell industrial assets in the United States. The deal also includes a $200 million build‑to‑sell portfolio of U.S. dollar‑denominated industrial properties in Mexico, marking the REIT’s first investment in that country.
The partnership leverages Realty Income’s data‑driven underwriting platform and GIC’s long‑term capital to develop high‑quality logistics real estate that is pre‑leased to investment‑grade tenants. GIC will also serve as a cornerstone investor in Realty Income’s U.S. Core Plus fund, broadening the REIT’s capital base beyond public markets and providing a stable source of capital for future acquisitions.
The Mexican portfolio is positioned to benefit from nearshoring trends and the U.S.–Mexico–Canada Agreement, which have increased demand for logistics space in the region. By structuring the leases in U.S. dollars, Realty Income mitigates currency risk while still tapping a growing market. The $200 million investment represents a strategic entry into a market that is experiencing rising vacancy rates but still offers attractive long‑term returns for net‑lease assets.
Sumit Roy, President and CEO of Realty Income, said the partnership “affords us the opportunity to partner with like‑minded, long‑term investors to deploy and manage capital at scale. Our data‑analytics platform and track record enable us to source, underwrite, and manage a diversified portfolio efficiently.” Cai Wenzheng, Head of Americas Real Estate at GIC, added that the collaboration “will unlock significant value through investments in mission‑critical, state‑of‑the‑art build‑to‑suit logistics assets.” Goh Chin Kiong, Chief Investment Officer of Real Estate at GIC, noted that the deal “complements our existing direct exposure to the U.S. net lease space and unlocks direct access to the logistics investment‑grade segment.”
Realty Income’s Q3 2025 results—revenue of $1.47 billion and adjusted funds from operations of $1.08 per share—demonstrate the REIT’s ability to generate stable cash flow. The new joint venture and Mexican expansion build on that momentum, positioning the company to capture growth in both the U.S. and Mexican industrial markets while diversifying its asset mix and capital sources.
The partnership signals Realty Income’s continued focus on high‑quality, long‑term net‑lease assets and its strategy to expand into high‑growth regions. By combining GIC’s capital with its own underwriting expertise, the REIT is poised to accelerate development of logistics properties that are pre‑leased to creditworthy tenants, thereby enhancing portfolio stability and long‑term yield potential.
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