Bahrain's Mumtalakat partners Sentinel to acquire assets in US

Mubasher: The kingdom’s sovereign wealth fund Bahrain Mumtalakat Holding Company has announced its acquisition of office buildings in Charlotte, North Carolina Metropolitan Area in the US.

This takeover transaction marks Mumtalakat’s second investment in the US commercial real estate market in 2018, according to a recent press release.

Mumtalakat has sealed this acquisition in partnership with the New York-headquartered Sentinel Real Estate Investment Corporation, an independently owned real estate investment management firm established in 1969.

Mumtalakat added that this takeover deal follows the company’s acquisition in February 2018 alongside other strategic investors of Lenovo Global Headquarters in Raleigh-Durham, North Carolina.

“A highly desirable destination for businesses and job seekers, Charlotte is the fourth fastest growing large city in the US and is ranked sixth in the country for its employment growth, which rose by 2.8% over the last year. At the same time, our partnership with Sentinel is successful due to our shared commitment to best practices,” the CEO of Mumtalakat Mahmood Alkooheji said.

Chairman of Sentinel John Streicker, commented, “The Mumtalakat and Sentinel investment teams function well together with a high degree of respect and cooperation, giving us the ability to act quickly and reliably in this competitive environment. Where there are competing buyers, as was the case here, it is important that the market recognises both Mumtalakat and Sentinel as skillful and dependable real estate professionals. The Lash Portfolio investment, with its notable combination of strong market fundamentals, an investment grade credit tenant and state-of-the-art construction quality, has all the attributes of a sound and profitable acquisition.”