Investcorp Capital, the Manama-based and Abu Dhabi Securities Exchange-listed company, has increased its real estate portfolio in the United States.
The company announced a portfolio update for its industrial assets in a filing with the ADX. The series of acquisitions takes the size of Investment Capital’s total industrial portfolio to 625 buildings.
Investcorp Capital’s real estate portfolio
The new acquisitions include Waterside Business Park in Tampa, Florida. It comprises eight multi-tenant light industrial buildings spread over 279,887 square feet. The Business Park is less than two miles from international airports and offers many restaurants, shops and hotels nearby.
Investcorp added Dallas and Atlanta Infill, a 16-building portfolio totalling 597,161 square feet, adding to its existing significant industrial presence. Dallas-Fort Worth is the fourth largest Metropolitan Statistical Area (MSA) in the US, with a large and highly diversified economy. Atlanta, considered a logistics hub and economy engine of the Southeast, is the sixth-largest MSA in the US.
West Coast Infill Portfolio has 17 buildings encompassing 539,909 square feet across Denver, Las Vegas, San Diego and the San Francisco Bay Area. The San Francisco Bay Area remains one of the largest and most sought-after markets in the US due to its highly diversified economy, led by technology-forward companies with large concentrations in San Francisco and Silicon Valley.
Investcorp also acquired six data centers spanning key US data hubs, totaling four million square feet. Data centers are critical infrastructure for companies around the world.
The acquisitions further strengthen Investcorp Capital’s real estate portfolio, providing investors with direct exposure to a global portfolio of investments. Prior to the COVID-19 pandemic, the industrial sector was becoming the most desired asset class by institutional investors due to sustained strong performance and perceived upside in the future.
Mohammed Alardhi, Executive Chairman of Investcorp Capital, commented: “We are encouraged by the industrial real estate sector outlook and anticipate that the growth of industrial rents year-over-year will remain robust.
“Our recent acquisitions in the industrial asset class are underpinned by 40+ years of experience and a proven track record, providing investors with exposure to a truly global portfolio.”
Investcorp Capital expects future upside through the rise of e-commerce, supply chain concerns, and onshoring of product inventories.
Timothy Mattar, Chief Executive Officer, added: “We are pleased with the recent industrial acquisitions made in our real estate asset class, and remain confident in the performance of the sector.
“In the US, we have seen re-shoring and nearshoring shaping the industrial sector, with well-located multi-tenanted industrial assets continuing to attract interest. This can be seen with the acquisitions announced here, and we expect to see strong risk-adjusted returns from the investments.”
Investcorp Capital’s industrial assets make up a large portion of the company’s real estate portfolio with significant presence in the US, followed by Europe, India and the Middle East.
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