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Tue 16 Sep 2014 01:09 PM

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Bahrain's Investcorp inks deal for $250m US property assets

Investment company says it has acquired properties in North Carolina, Washington and Florida

Bahrain's Investcorp inks deal for $250m US property assets

Investcorp, an alternative investment manager based in Bahrain, said on Tuesday it had acquired a portfolio of office and industrial property assets in three cities in the United States for around $250 million.

The company said in a statement that the deals were completed by the firm's US-based real estate arm.

The properties are in Durham, North Carolina, Seattle in Washington, and Jacksonville in Florida. In total, they cover nearly 2.2 million square feet and have an average occupancy rate of 87 percent, the statement added.

Mohammed Al Shroogi, president of Gulf Business at Investcorp, said: "These properties provide significant diversification across product types and tenants and are located in fast-growing markets with strong demand generators.

"We believe that the portfolio is already well-positioned with stable cash flows, and with additional leasing improvements, we think these assets demonstrate good upside potential as the US economy continues to recover."

As of June 30, Investcorp's real estate group had approximately $1.4 billion in assets under management, the statement said.

Investcorp said it deployed $312 million in real estate investments in the fiscal year ending June 30, continuing its focus on commercial, office and residential real estate assets in the top 30 largest markets in the US.

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