MANAMA: Investcorp has netted £53.5 million (around $69m) from the sale of a portfolio of seven industrial real estate assets in the UK to Mileway, a pan-European last mile logistics real estate company.
While the Bahrain-based alternative investment manager did not disclose financial terms of the deal, the GDN has learnt from sources the sale was for £53.5m.
Investcorp acquired the portfolio, which is made up of three single let buildings and four multi-let estates, in 2017.
In total the portfolio comprises approximately 692,000 square feet of industrial, warehouse and distribution accommodation, located in Glasgow, Edinburgh, Liverpool, Warrington, Leeds, South Elmsall and High Wycombe.
During its ownership, Investcorp completed a number of value-enhancing initiatives, including increasing overall occupancy of the portfolio from 88 per cent to 96pc at the time of exit.
Since expanding its real estate platform to Europe in 2017, Investcorp has acquired approximately £200m of industrial and logistics assets in the UK with a combined area of approximately 2.8m sqft across 28 assets.
In combination with its other real estate investments in Germany, Belgium and the Netherlands, Investcorp has grown its total European real estate assets under management (AUM) to over 800m euros.
Investcorp’s global head of distribution Timothy Mattar said: “We are pleased to have successfully completed this exit, as it demonstrates our ability to identify attractive properties in a growing, resilient sector and successfully execute on our thesis to create value through active asset management.
“The industrial and logistics real estate sector remains a key focus in our European real estate strategy and we will continue to seek to realise value from the robust portfolio we have strategically assembled over the last three years.”
avinash@gdn.com.bh
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