Bahrain’s sovereign wealth fund, Mumtalakat, has acquired an office campus in North Carolina in the United States that houses Lenovo’s US headquarters, the company announced today.
The acquisition was made in partnership with Sentinel Real Estate Investment Corporation (Sentinel), Mumtalakat’s first joint venture with the New York based real estate investment management firm.
Mumtalakat has made a number of investments in US properties since 2014, including a $250 million in office space in Phoenix, Arizona, and Dallas, Texas, in partnership with Us-based Regent Properties.
The latest acquisition is fully leased to Lenovo, one of the largest PC makers in the world. Located in the Research Triangle Park, in Raleigh-Durham, a 7,000-acre (28 sq km) scientific research park, the campus provides strong cash flows, attractive yields and solid rent growth, Mumtalakat said in a statement.
“Real estate is a key component of our portfolio growth strategy, and the US real estate market is growing significantly. In fact, Raleigh-Durham is one of the fastest growing markets in the US,” said Mahmood H. Alkooheji, CEO of Mumtalakat.
“The area has shown strong employment growth, at twice the national average over the past year, setting a new peak in total employment. It also boasts a dynamic business climate and solid infrastructure with a growing economy, which makes it a very attractive market for us to invest in. With this transaction, the sector represents approximately 22% of our total portfolio companies.”
Mumtalakat’s real estate investment strategy will continue to focus on developed markets with a high demand for income generating assets including commercial offices, added Alkooheji.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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