The Bahrain alternative investment company, Investcorp has announced its recent investment project. Its US real estate arm has acquired a portfolio of offices as well as industrial properties in the Atlanta, San Francisco and Boston area for about $400 million.A report from Arabian Business revealed.
These real estate acquisitions are a part of the company's strategy to invest in lucrative, well-occupied properties with healthy cash flows. These properties are basically located in major US markets with strong economic fundamentals and a powerful employment growth.
Investcorp revealed that it has partnered with local and regional operating partners to purchase the properties. All in all, the properties have a total area of more than 5.5 million square feet with an average occupancy rate of more or less 85 percent.
The investment company also mentioned that it plans to add value to the properties with "upgrades, renovations and capital investment."
Investcorp co-CEO Mohammed Al-Shroogi said that Atlanta, San Francisco and Boston are indeed top markets for business and has shown amazing employment growth and rental growth over the years.
"All of the properties in this portfolio are well-occupied with strong, stable cash flows and diversified tenant bases, and thus are well aligned with our investment strategy of working with local operating partners to add value to properties that already provide an attractive current yield," Al-Shroogi said.
On the other hand, Investcorp managing director Fahad Murad added, "In the last twelve months, Investcorp's total US real estate acquisitions have exceeded $1.1 billion, further enhancing our extensive experience in real estate investments. These acquisitions perfectly reflect our strategy and we think they are a great addition to our real estate portfolio in the US."
Investcorp started to acquire properties as a part of its alternative investment portfolio since 1996. The company has managed close to 350 property investments with a total value of $12.5 billion.
