Investcorp, a provider and manager of alternative investment products, has purchased its largest U.S. warehouse portfolio for approximately $300 million. The 4.5 million-square-foot portfolio includes 56 industrial properties spread across seven metropolitan markets.
The 90 percent leased portfolio is comprised of Class A and B warehouses, light manufacturing and flex buildings, across the e-commerce, manufacturing, design, wholesaling and food services industries.
The portfolio was purchased as a single investment and includes properties in Minneapolis, Dallas, Chicago, Philadelphia, Phoenix, Houston, and San Antonio.
“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,” said Mohammed Alardhi, executive chairman of Investcorp.
This recent acquisition represents Investcorp’s ninth industrial portfolio, all of which were acquired over the past 36 months. With this latest addition, the company now owns 14 million square feet of U.S. industrial assets.
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. Investcorp is headquartered in Bahrain, and since 1996, has purchased approximately 550 properties with a total value of $14 billion.