Investcorp has sold a portfolio of industrial real estate properties in the Boston and Chicago metropolitan areas for a combined value of more than $200 million.

The Bahrain-based alternative investment manager acquired the properties in 2017, comprising of approximately 1.8 million square foot portfolio of industrial, warehouse and distribution real estate.

At the time of exit, Investcorp had increased the overall occupancy of the portfolio to 98 percent as well as completing other value-enhancing initiatives, it said in a statement.

“Industrial, warehouse and logistics real estate assets are essential for driving e-commerce and supporting supply chains, which is why we increased our focus on this area several years ago,” Babak Sultani, Managing Director and Real Estate Product Specialist at Investcorp said.

“We remain focused on continuing to identify resilient investment opportunities that are supported by long-term trends such as e-commerce-driven industrial real estate,” Sultani said.

Investcorp currently owns approximately 230 industrial properties in the US, totaling about 19 million square feet.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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