Investcorp acquires five office properties valued at $200 million
NEW YORK, April 9, 2013 /PRNewswire/ -- Investcorp's US-based real estate arm today announced it has acquired five high-quality, office properties in the Washington, D.C., Denver and Houston metropolitan areas. The combined properties exceed one million square feet and are valued at approximately $200 million.
This acquisition adheres to Investcorp's approach of targeting high quality, stable assets with attractive valuations, which are located in markets characterized by economic growth and low unemployment. These markets tend to be highly correlative with key demand generators, such as energy, healthcare, technology and education. With a combined occupancy rate of over 94 percent, the following are the newly acquired properties:
Tysons Commerce Center, Tysons Corner, Virginia: In addition to being one of the largest economies in the country, the Washington D.C. metropolitan area is densely populated, with limited new real estate supply or development. These factors, along with in place lease agreements for the medium to long term, contribute to the property's stable current income. The property totals 181,000 square feet.
Westmoor Place, Denver, Colorado: Comprised of three office properties and located within the Denver-Boulder technology corridor, these properties benefit from a burgeoning healthcare and technology market, and include tenants such as McKesson, a leading medical technology company, and Alcatel-Lucent, a global telecommunications equipment company. The acquisition totals 428,000 square feet.
One Westchase Center, Houston, Texas: Located along Westheimer Road in Houston's Westchase submarket, this property, with over 466,000 square feet, is easily accessible to all of Houston's major business centers. The Houston metropolitan area is home to one of the nation's fastest growing and best performing economies, and is fueled by the robust energy sector, as well as the healthcare, international trade and aerospace industries.
Herb Myers, Managing Director at Investcorp said: "The acquisition of these high quality properties in major U.S. markets provides an excellent opportunity to generate current income, while improving operating and leasing performance over the longer term."
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at www.investcorp.com.
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