WAFRA ACQUIRES LIBERTY DEVELOPMENT PARTNERS AND MAKES STRATEGIC INVESTMENT INTO GULF INLAND LOGISTICS PARK AND CMC RAILROAD

Wafra Inc., a New York-based alternative investment firm, has acquired Liberty Development Partners and made a strategic investment into Gulf Inland Logistics Park and CMC Railroad, the firms announced on Oct. 1, 2026. Funds advised by Wafra will provide capital and institutional resources to accelerate development of Gulf Inland, an approximately 3,900‑acre rail-served industrial park in Dayton, Texas, and to support expansion of CMC Railroad, which currently provides rail switching and storage capacity for more than 1,000 railcars and links to Union Pacific and BNSF Railway.

"We are excited to partner with the Liberty Development Partners team and to support the continued growth of Gulf Inland," said Anthony Peek, Managing Director at Wafra. "Gulf Inland combines a strategic location in one of the country's most important industrial markets with substantial rail infrastructure and a leading management team. Our investment will accelerate the development of Gulf Inland and support Liberty's growth more broadly."

Context and recent progress at Gulf Inland

Liberty Development Partners acquired Gulf Inland and CMC Railroad in 2022 and has since expanded the park from roughly 1,150 acres to about 3,900 acres, investing in road, rail and utility infrastructure while attracting industrial and manufacturing tenants. Gulf Inland offers direct access to U.S. Highway 90 and State Highway 99/The Grand Parkway and serves companies seeking proximity to Houston and the Gulf Coast market.

• Location: Dayton, Texas — northeast of Houston
• Size: approximately 3,900 acres (expanded from ~1,150 acres since 2022)
• Rail links: direct connectivity to Union Pacific and BNSF via CMC Railroad
• Rail capacity: existing switching and storage for more than 1,000 railcars; storage being expanded by ~1,000 additional cars
• Access: U.S. Highway 90 and State Highway 99/Grand Parkway

Paul Connor, Principal of Liberty Development Partners, emphasized the durability of the rail-served industrial model: "Rail-served industrial property is difficult to replicate. Industrial users increasingly require large sites with reliable transportation infrastructure, access to labor, and proximity to major population, manufacturing, and distribution centers. Gulf Inland brings those attributes together in one location, and we believe Houston and the Gulf Coast provide an exceptional foundation from which to grow our platform."

Strategic rationale and planned investments

The partnership is intended to expand Liberty's platform beyond Gulf Inland by leveraging Wafra's capital and institutional capabilities. Wafra, which manages approximately $30 billion of assets across strategic partnerships, real assets & infrastructure, and real estate, will work alongside the existing Liberty management team to evaluate and pursue further rail-served infrastructure and industrial opportunities throughout the Gulf Coast and beyond.

As part of immediate infrastructure work, Gulf Inland and CMC Railroad are expanding railcar storage capacity by approximately 1,000 cars, with the additional capacity expected to be operational by year-end. The expansion is positioned to meet rising demand for railcar storage and related services across the Houston and Gulf Coast markets.

Outlook

Marcus Goering, CEO of Liberty Development Partners, framed the deal as a platform-expansion move: "This partnership represents the next stage in the evolution of Gulf Inland and Liberty Development Partners. We believe there is a significant opportunity to expand our rail-served industrial strategy, with Gulf Inland as the foundation. Wafra brings the capital, institutional capabilities, and long-term investment perspective that will allow us to accelerate infrastructure investment, expand the park, and pursue additional opportunities throughout the Gulf Coast and beyond."

With the combined capital and operational expertise from Wafra and Liberty, Gulf Inland is positioned to scale its rail-served offerings and capture demand from manufacturing, distribution, energy and logistics users seeking large, well‑connected sites near Houston's industrial corridor.