NEW YORK, Sept. 17, 2018 /PRNewswire/ -- Investcorp, a leading provider and manager of alternative investment products, announced that its U.S.-based real estate team recently acquired its largest U.S. warehouse portfolio, totaling approximately 4.5 million square feet and including 56 industrial properties across seven metropolitan markets, for a total purchase price of approximately $300 million.
"We are proud to announce our largest US warehouse portfolio acquisition since the inception of the business, giving us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the US," said Mohammed Alardhi, Executive Chairman of Investcorp. "This investment further reflects our commitment to growing Investcorp's footprint in the US, which is a key driver of the firm's overall growth strategy and an area in which we will look to continue expanding as opportunities arise."
This investment provides Investcorp with a 90 percent leased portfolio of Class A and B warehouse, light manufacturing and flex buildings, across the e-commerce, manufacturing, design, wholesaling and food services industries. The portfolio was purchased as a single investment, with over 60% of the property located in "Tier One" industrial markets. The properties that comprise this portfolio include:
- Nine multi-tenant Class A and B warehouses in Minneapolis
- 16 multi-tenant Class B industrial warehouse/flex buildings in Dallas
- 14 single and multi-tenant Class B industrial warehouse/manufacturing buildings in Chicago
- Nine multi-tenant Class A and Class B industrial warehouse and flex buildings in Philadelphia / Delaware
- Five multi-tenant Class A and Class B industrial warehouse/manufacturing buildings in Phoenix
- Two multi-tenant Class B industrial warehouse buildings in Houston
- One multi-tenant Class B industrial warehouse building in San Antonio
"This investment will help our clients gain and increase exposure to the highly relevant industrial sector in a diversified manner and benefit from some of the secular trends shaping the retailing industry in the US," said Rishi Kapoor, Co-Chief Executive Officer of Investcorp "The properties in this portfolio are located in supply constrained infill areas offering "last mile" proximity to major population centres."
Investcorp's New York-based real estate team is an active investor in U.S. commercial and residential real estate equity and high-yield debt. Since 1996, Investcorp has acquired more than 550 properties for a total value of more than $14 billion. Across the U.S., Investcorp targets existing office, retail, industrial, multifamily and hospitality properties located in the largest 30 metropolitan areas with a focus on mid-market core and core-plus investment opportunities.
This recent acquisition represents Investcorp's ninth industrial portfolio, all of which were acquired over the past 36 months. With this addition, Investcorp now owns 14 million square feet of U.S. industrial assets.
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.
As at June 30, 2018, the Investcorp Group had US$22.6 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 175 corporate investments in the U.S., Europe and the Middle East and North Africa region, including Turkey, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US$57 billion in transaction value.
Investcorp employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please visit: www.investcorp.com.
Firas El Amine
+973 3998 7838