Bahrain investment firm Investcorp has announced it has made its largest acquisition of warehouse space in the United States.
The firm’s latest acquisition brings more than 4.5 million square feet worth $300 million in 56 industrial properties to its warehouse portfolio.
The single purchase investment spans seven metropolitan cities including Minneapolis, Dallas, Chicago, Delaware, Phoenix, Houston, and San Antonio.
“This investment will help our clients gain and increase exposure to the highly relevant industrial sector in a diversified manner and benefit from some of the secular trends shaping the retailing industry in the US,” said Rishi Kapoor, co-chief executive officer of Investcorp “The properties in this portfolio are located in supply constrained infill areas offering “last mile” proximity to major population centres.”
Over more than two decades Investcorp has acquired more than 550 properties in the US for a total value of more than $14 billion. It targets existing office, retail, industrial, multifamily and hospitality properties located in the country’s 30 largest metropolitan areas.
The firm’s latest acquisition brings the total size of its industrial assets in the US, all added over the last 36 months, to 14 million square feet.
“This investment further reflects our commitment to growing our footprint in the US, which is a key driver of the firm’s overall growth strategy and an area in which we will look to continue expanding as opportunities arise,” said Muhammad Al Ardhi, executive chairman, investcorp.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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