Bahrain-based Investcorp has acquired 89 industrial properties totaling approximately 2.2 million square feet across four major US markets for a total purchase price of $380 million, according to local reports on Thursday, October 7.
Investcorp is an asset manager with Mubadala Investment Company as its biggest shareholder.
The acquired properties hike Investcorp’s US industrial real-estate holdings to approximately $2.8 billion across approximately 27 million square feet, comprised of more than 385 buildings, said the local reports.
The latest acquisitions are said to provide Investcorp with a 95 percent leased portfolio of Class B industrial warehouses with a diversified tenant base across a range of industries.
These include but are not limited to technology, industrial services, business and administrative services, and maintenance and contracting services.
The properties comprising the portfolio are primarily located in the top major industrial markets by size, including Los Angeles, California (ranked second), Dallas, Texas (ranked fourth), Phoenix in Arizona (ranked 14th) and Seattle in Washington (ranked 17th), according to CBRE Econometric Advisors as of Q2 2021.
These markets have experienced strong growth in recent years as the rise of ecommerce and the need for more efficient supply chains has increased demand for warehousing, distribution and fulfillment centers.
Since 1996, Investcorp has acquired approximately 1,025 properties for a total value of over $21 billion.
According to Real Capital Analytics, Investcorp is the third-largest cross-border buyer of US real estate, and the fourth largest cross-border seller over the full years of 2019 and 2020.
