Media IN/ MANAMA, 30th April, 2019 (WAM)
Investcorp today announced that its US-based real estate investment team recently acquired a portfolio of eight single-tenant distribution properties in various locations across the US for a combined purchase price of approximately US$170 million. The properties in the portfolio total 1.4 million square feet and are 100 percent leased.
Hazem Ben-Gacem, Co-CEO of Investcorp in his remarks said;
“We are pleased to add these properties to our growing portfolio of assets in the logistics space, a core component of our global real estate investment strategy,” .
“We have a bullish outlook on logistics real estate assets because we believe they are supported by strong market dynamics, especially on the back of the healthy growth in e-commerce.”
“Each of these properties is fully leased by well-known tenants on long-term leases across key cities in the US, enabling us to deliver attractive cash flow to our investors,” he added.
The properties are leased to a diverse roster of tenants with businesses spanning a broad spectrum of industries. The portfolio is located across eight major US markets – Chicago, IL; Phoenix, AZ; Jacksonville, FL; St. Louis, MO; Charlotte, NC; Cincinnati OH; Cleveland, OH; and, San Antonio, TX.
Including this recent acquisition, Investcorp currently owns 191 industrial buildings totaling 16 million square feet. In the last 18 months, Investcorp has acquired approximately $2 billion of US real estate through 21 different deals.