Investcorp, a leading global provider and manager of alternative investment products, said its real estate investment team has acquired a portfolio of eight single-tenant distribution properties in various locations across the US for $170 million.
The properties in the portfolio, which run to around 1.4 million sq ft, are all 100 per cent leased, said a statement from the Bahrain-based company.
With this recent acquisition, Investcorp currently owns 191 industrial buildings totaling 16 million sq ft. In the last 18 months, Investcorp has acquired $2 billion worth of US real estate through 21 different deals.
These US properties are leased to a diverse roster of tenants with businesses spanning a broad spectrum of industries, it stated.
Tenants in the portfolio include FedEx Ground, a multinational courier firm; XPO Logistics, one of the top 10 global providers of supply chain transportation and logistics services; Conagra Foods, a packaged foods company that produces and distributes products to supermarkets, restaurants and other food establishments; and Spectrum, a provider of consumer cable television, internet, telephone and wireless services.
The portfolio is located across eight major US markets: Chicago, Phoenix, Jacksonville, St. Louis, Missouri, North Carolina, Cincinnati and Cleveland (Ohio) and San Antonio (Texas).
“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,” remarked Hazem Ben-Gacem, the co-CEO of Investcorp.
"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," stated Ben-Gacem.
"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.
Babak Sultani, the managing director in Real Estate Investment at Investcorp, said with the rapid growth of e-commerce in the US driving increased demand for industrial assets, this portfolio underscores its ability to identify and then execute on long-term, secular trends in real estate.
“The properties in this portfolio boast desirable characteristics that make them attractive from a commercial and investment perspective, for instance easy access to major highways and railways and long-term tenancies with an average of 15 years across the portfolio,” he added.
Headquartered in Bahrain, Investcorp is a leading global manager of alternative investments that employs approximately 400 people across its offices in Manama, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore.-TradeArabia News Service
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