Investment firm acquires five office buildings in Washington DC, Houston and Denver
Bahrain-based alternative investments manager Investcorp said it has acquired five US office properties valued at $200m.
The developments, which exceed more than 1m sq ft, are located in the Washington DC, Denver and Houston metropolitan areas and have a combined occupancy rate of more than 94 percent.
Investcorp said the purchases tie in with its strategy of purchasing high quality, stable assets in markets with economic growth and low unemployment.
“Investcorp’s strategy is to acquire high quality, high occupancy assets in prime locations underpinned by an attractive industry base,” said Mohammed Al-Shroogi, president for Gulf business at the firm.
“This new acquisition fulfils these requirements, expands our real estate portfolio and gives us the opportunity to generate cash flows in dynamic commercial markets.
Investcorp said the properties are well-located to capitalise on growth in sectors including energy, healthcare, technology and education.
The properties are: Tysons Commerce Centre, a 181,000 sqft office development in the Washington DC metropolitan area; Westmoor Place, a 428,000 sqft property in Denver containing three offices that include major technology and healthcare tenants; and One Westchase Centre, a 466,000 sqft development on the outskirts of Houston, Texas.
As of December 31, Bahrain bourse-listed Investcorp had $11.5bn in assets under management.