Emirates: Abu Dhabi sovereign wealth fund Mubadala has created a joint venture with US real estate developer Crow Holdings to build or acquire $1 billion of industrial properties across the US.

Crow Holdings has been around for 70 years and manages $21 billion of assets through 17 offices across the U

“We look forward to partnering with this leading global investor as it seeks to increase its exposure to the industrial sector and capitalize on the secular growth in logistics demand,” Michael Levy, CEO of Crow Holdings, said in a statement.

“We continue to accelerate our market-leading presence in the industrial space by developing or acquiring state-of-the-art properties across a range of strategies from merchant-build to long-term build-to-core portfolio construction,” he said.

Mubadala’s other recent deals in the US includes a $250 million investment in biosimulation company Certara in July.