CenterSquare Investment Management, ESAS Close $50M Co-Investment Vehicle for Essential Service Industrial Real Estate
CenterSquare Investment Management and ESAS have closed a $50 million co-investment vehicle targeting Essential Service Industrial properties, the firms announced February 9, 2026. The joint venture represents a 50/50 investment alongside CenterSquare's latest Value-Added strategy vintage.
The vehicle focuses exclusively on small-bay industrial real estate—multi-tenant properties under 10,000 square feet located in densely populated infill areas. CenterSquare defines this Essential Service Industrial segment as serving local businesses including HVAC technicians, plumbers, contractors and other service providers requiring space to provide essential services to their communities.
Second Transaction Between CenterSquare and ESAS
The industrial co-investment marks the second transaction between the two firms. ESAS first invested with CenterSquare in January 2025 through a Strategic Capital investment in Aligned Data Centers, which announced an agreement of sale in late 2025 expected to be realized later this year.
"We're excited by this opportunity to continue growing our relationship with ESAS," said Jeffrey Reder, Managing Director, Private Real Estate at CenterSquare Investment Management. "We have strong conviction in essential service industrial and value the opportunity to work with like-minded investors who also see the potential in select niche sectors. We appreciate the trust ESAS continues to put in our team and process."
Investment Thesis for Essential Service Industrial
James Bury, Managing Director, ESAS Real Estate, said the firm found the investment case for Essential Service Industrial compelling. "CenterSquare continues to demonstrate the strength of their data-driven and process-oriented investment execution to present unique investment opportunities," Bury said. "The ability to continue growing our partnership across multiple areas of their real estate platform is very attractive to ESAS."
About the Firms
CenterSquare Investment Management, founded in 1987, is an independent, diversified real asset manager focused on listed real estate and private real estate strategies.
ESAS is an investment and wealth management group with offices in Istanbul, London and Frankfurt. The firm invests in alternative assets, primarily private equity and real estate, and provides bespoke investment solutions across public and private markets complemented by family office services.