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Iconic Equities and Leste Real Estate Form Partnership to Acquire $400 Million of Industrial Outdoor Storage Facilities – Real Estate Weekly

Iconic Equities, a real estate investment and development firm focused onindustrial assets, and Leste Real Estate U.S. (“Leste Real Estate”), the real estate investment strategy of
global independent alternative investment manager Leste Group, today announced that they have
formed a joint venture backed by institutional capital to acquire $400 million of industrial outdoor
storage (“IOS”) facilities across the U.S.

The joint venture, which is targeting two to three years to deploy capital, recently completed the $9.5
million acquisition of Garnett Storage, a five-acre storage site in Coral Springs, Florida. Designed to meet
the complete outdoor storage needs for owners of boats, trailers, motor homes, jet skis and other
commercial vehicles in Broward County and surrounding areas, the site is leased to 289 tenants.

“Attractive supply and demand fundamentals driven by businesses investing to improve their logistics
operations as the economy recovers from and has been reshaped by Covid makes this the right time to
invest in IOS,” added Timothy Bishop, Founder and CEO of Iconic Equities. “This partnership brings the
capital resources and ability to identify value-add IOS facilities in major U.S. metropolitan areas and port
markets where our involvement will improve supply chain reliability.”

“We’re excited about our partnership with Iconic and believe that the asset class has been under
penetrated by institutional players, providing an opportunity for groups like us to create value in an
inefficient market,” said Josh Patinkin, Managing Director of Leste Real Estate. “We look forward to
deploying our capital into the asset class and upgrading them to help supply chains become more

The demand for industrial storage space has increased enormously amid the pandemic as more businesses have looked to e-commerce and on-time delivery fulfillment, transforming traditional warehouses and related properties into mission-critical infrastructure for the U.S. supply chain. The partnership has identified a substantial pipeline of IOS facilities for acquisition in major metropolitan areas and port markets across the U.S.

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