By Lubna Hamdan
SWF ties up with US developer to buy office buildings in Phoenix and Dallas
Bahraini sovereign wealth fund Mumtalakat has partnered with real estate developer and investor Regent Properties to acquire an interest in several commercial real estate assets in the US.
The assets have a total value of around $250 million and include office buildings in Phoenix, Arizona, and Dallas, Gulf Daily News reported.
“[Regent Properties] have assembled a unique commercial real estate portfolio in markets that provide us with a very attractive risk/reward profile,” said Mumtalakat chief executive Mahmood Al Kooheji.
“This transaction, our third investment in the US in less than two years, is in line with our ongoing strategy to partner with reputable international businesses looking for growth capital with a long-term investment horizon.
Mumtalakat will invest alongside partners BlackRock, CAM Capital and other endowments and pension funds.
Phoenix is the sixth-largest city in the US with a population of more than 4.3 million. Its employment was expected to grow by 3.3 per cent per year from 2014 to 2019.
Dallas is the fourth-largest metropolitan statistical area in the US with a population of seven million. It is home to the headquarters of 21 Fortune 500 companies.