Bahrain's Mumtalakat inks deal to acquire US office buildings

Sovereign wealth fund of Bahrain announces acquisition of office buildings in Charlotte, North Carolina
Bahrain's Mumtalakat inks deal to acquire US office buildings
The transaction marks Mumtalakat’s second investment in the US commercial real estate market this year in partnership with Sentinel Real Estate Investment Corporation.
By Sam Bridge
Tue 20 Nov 2018 02:38 PM

Bahrain Mumtalakat Holding Company, the sovereign wealth fund of the kingdom, has announced the acquisition of office buildings in Charlotte, North Carolina.

The transaction marks Mumtalakat’s second investment in the US commercial real estate market this year in partnership with Sentinel Real Estate Investment Corporation.

This follows the acquisition alongside other strategic investors of Lenovo global headquarters in Raleigh-Durham, North Carolina in February, a statement said.

It added that Mumtalakat has adopted a real estate strategy for the acquisition of high quality, well occupied, long-term yielding properties in growing cities with solid economic and market fundamentals in the United States.

The 421,863 square foot property consists of two newly-constructed buildings, which are occupied by The Lash Group, a pharmaceutical and healthcare service provider.

Mahmood H Alkooheji, CEO of Mumtalakat, said: “The American commercial real estate market has always been of interest, particularly due to its current positive economic outlook. We look favourably upon commercial property leased for the long term by reputable companies.”

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