MANAMA, (Pakistan Point News - 30th Apr, 2019) 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.
"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," said Hazem Ben-Gacem, 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."
"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.