Saudi investment firm buys US office development

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Alkhabeer Capital, a Saudi-based asset management and investment firm, has announced the acquisition of an office development in the United States in a deal with partner USAA Real Estate Company.

The acquisition of Lake Pointe Centre III and IV is the latest transaction of Alkhabeer US Real Estate Income Fund (Private Placement Fund), the company said in a statement.

Lake Pointe Centre III and IV is a 170,147 square-foot core and class A office portfolio, located in the Allison Pointe Office Park in Keystone, Indianapolis.

It consists of two four-storey buildings that are leased to a tenant roaster comprised of IT, medical, transportation and legal firms with four renowned blue chip tenants together leasing approximately two thirds of the space, the statement said.

Indianapolis is the capital of the state of Indiana and the eleventh largest city in the United States. The city attracts high quality tenants willing to pay high rents due to its stable and diversified economy, superior infrastructure, quality of life and relative low cost of living, the statement added.

Ammar Shata, Alkhabeer's executive director and CEO, said: "I am delighted to be announcing our third joint investment with USAA Real Estate Company. The joint acquisition of Lake Pointe III and IV adds substantially to our US fund's portfolio.

"Indianapolis is an economic powerhouse in the Midwest. It is an ideal city for us to invest in and its commercial real estate market is especially robust. A growing number of major employers are located in the city, and we have identified a significant upside in future rental growth."

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