Bahrain-Based Arcapita Acquires Cleveland Industrial Real Estate Portfolio
Arcapita has overseen $2 billion of industrial real estate transactions in the US and Asia.
CLEVELAND, OHIO—Arcapita, a Bahrain-based alternative investments firm with a track record of 80 transactions exceeding a total of $30 billion in value, has acquired a seven-property industrial real estate portfolio in Cleveland, Ohio. The company did not identify the specific properties included in the portfolio, and they could not be determined immediately.
“We have a strong track record in the industrial warehousing sector, having overseen $2 billion of industrial real estate transactions in the US and Asia,” says Atif A. Abdulmalik, Arcapita’s chief executive officer. “We previously managed and successfully exited five industrial portfolios comprising over 100 properties, including a $1.4 billion IPO. Expanding our US real estate footprint is a key pillar of our growth strategy, and I am pleased with the progress our U.S. team has achieved in building our industrial portfolio. We have good momentum and are excited to expand our portfolio in the sector with additional acquisitions in the months to come.”
The Cleveland portfolio includes 655,000 square feet of high-quality industrial assets within the metropolitan area that is occupied by a diverse range of creditworthy tenants operating in the logistics, technology, and assembly space.
Arcapita has partnered with Weston, an Ohio-based real estate owner-operator, with a strong history in Cleveland and the wider Midwest. Weston will maintain a joint-venture investment in the portfolio and will serve as the leasing and managing agent.
The acquisition is part of Arcapita’s broader US industrial real estate strategy targeting quality assets within the last mile and light industrial sub-sectors, with locations in close proximity to major population centers that enjoy strong consumer demand and developed supply chain infrastructures.
“We expect the industrial sector to experience attractive growth on the back of strong and continued demand from tenants in the e-commerce and manufacturing supply chain segments,” says Martin Tan, Arcapita’s chief investment officer. “We have recently expanded our US team, and this acquisition highlights the depth of our asset sourcing network in the US and our commitment to the market.”
Arcapita’s principal lines of business are private equity and real estate, and its management has a 20-year track record of over 80 investments with a total transaction value in excess of $30 billion