Investcorp Acquires US Warehouse Portfolio for $300M
At 56 assets, this is the company’s largest US warehouse portfolio deal to date.
NEW YORK–Investcorp’s US real estate team has acquired its largest US warehouse portfolio to date for $300 million. The portfolio totals 4.5-million-square-feet and includes 56 industrial properties in seven metro markets.
Headquartered in Manama, Bahrain, Investcorp has a robust global portfolio of industrial holdings but the company is seeking to expand its footprint in the US, Mohammed Alardhi, executive chairman of Investcorp, said in a prepared statement.
The portfolio is 90% leased and consists of Class A and B warehouse, light manufacturing and flex buildings serving the e-commerce, manufacturing, design, wholesaling and food services industries.
The portfolio was purchased as a single investment, with over 60% of the propertes located in top industrial markets. They include:
- Nine multi-tenant Class A and B warehouses in Minneapolis
- 16 multi-tenant Class B industrial warehouse/flex buildings in Dallas
- 14 single and multi-tenant Class B industrial warehouse/manufacturing buildings in Chicago
- Nine multi-tenant Class A and Class B industrial warehouse and flex buildings in Philadelphia / Delaware
- Five multi-tenant Class A and Class B industrial warehouse/manufacturing buildings in Phoenix
- Two multi-tenant Class B industrial warehouse buildings in Houston
- One multi-tenant Class B industrial warehouse building in 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, in a prepared statement. “The properties in this portfolio are located in supply constrained infill areas offering “last mile” proximity to major population centres.”
The New York Team
Investcorp’s New York-based real estate team is an active investor in US commercial and residential real estate equity and high-yield debt. Across the US, Investcorp targets office, retail, industrial, multifamily and hospitality properties with a focus on mid-market core and core-plus investment opportunities.
This recent acquisition is Investcorp’s ninth industrial portfolio, all of which were acquired over the past 36 months. With this addition, Investcorp now owns 14 million square feet of US industrial assets.