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Bahrain-based asset management firm Investcorp has acquired 89 properties with a combined value of $380 million, raising the company’s industrial real estate holdings to $2.8 billion.
The industrial assets, which include warehouses, are located in four major markets in the United States and have a total area of 2.2 million square feet, the company said in a statement on Thursday.
The asset manager that counts Mubadala as its biggest shareholder has been on a buying spree overseas.
In its statement, Investcorp said the latest acquisitions provide the company with a “95 percent leased portfolio of Class B industrial warehouses with a diversified tenant base across a range of industries”.
The newly acquired properties are located in Los Angeles, California; Dallas, Texas; Phoenix, Arizona and Seattle, Washington.
“These markets have experienced strong growth in recent years as the rise of e-commerce and need for more efficient supply chains has increased demand for warehousing, distribution and fulfilment centres,” said Investcorp.
Last January, the company announced it had acquired a portfolio of five multifamily residential properties in the US for approximately $330 million.
By September, Investcorp has also successfully completed the acquisition of seven UK industrial assets for a purchase price of £32.6 million ($44.27 million).
(Writing by Cleofe Maceda; editing by Seban Scaria)
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