Investcorp has acquired a portfolio of eight single-tenant distribution properties in various locations in the U.S. The total price of the transaction was about $170 million.
NEW YORK, April 29, 2019 /PRNewswire/ — Investcorp, a leading global provider and manager of alternative investment products, today announced that its U.S.-based Real Estate Investment team recently acquired a portfolio of eight single-tenant distribution properties in various locations across the U.S. for a combined purchase price of approximately $170 million. The properties in the portfolio total 1.4 million square feet and are 100 percent leased.
“We are pleased to add these properties to our growing portfolio of assets in the logistics space, a core component of our global real estate investment strategy,” said Rishi Kapoor, Co-CEO of Investcorp. “Each of these properties is fully leased by well-known tenants on long-term leases, enabling us to deliver attractive cash flow to our investors while simultaneously capitalizing on what we believe are strong underlying market dynamics and robust growth of the sector.”
The properties are leased to a diverse roster of tenants with businesses spanning a broad spectrum of industries. Tenants in the portfolio include FedEx Ground, a multinational courier delivery services company; XPO Logistics, one of the top 10 global providers of supply chain transportation and logistics services; Conagra Foods, a packaged foods company that produces and distributes food products to supermarkets, restaurants and other food establishments; and Spectrum, a provider of consumer cable television, internet, telephone and wireless services. The portfolio is located across eight major U.S. markets: Chicago, IL; Phoenix, AZ; Jacksonville, FL; St. Louis, MO; Charlotte, NC; Cincinnati OH; Cleveland, OH; and, San Antonio, TX.
“With the rapid growth of e-commerce driving increased demand for industrial assets nationwide, this portfolio underscores our ability to identify and then execute on long-term, secular trends in real estate,” added Herb Myers, Managing Director in Real Estate Investment at Investcorp. “The properties in this portfolio offer convenient access to major highways and railways, which is one key factor driving the long-term tenancies at these properties that average 15 years across the portfolio.”
Including this recent acquisition, Investcorp currently owns 191 industrial buildings totaling 16 million square feet. In the last 18 months, Investcorp has acquired approximately $2 billion of U.S. real estate through 21 different deals.
Investcorp is a leading global manager of alternative investments. Led by a new vision, Investcorp has embarked on an ambitious, albeit prudent, growth strategy. The Firm continues to focus on generating value through a disciplined investment approach in four lines of business: private equity, real estate, absolute return investments and credit management.
As at December 31, 2018, Investcorp had US$22.5 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.
Since its inception in 1982, Investcorp has made over 185 Private Equity deals in the U.S., Europe, the Middle East and North Africa region and Asia, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 600 commercial and residential real estate investments in the US and Europe, for in excess of US $59 billion in transaction value.
Investcorp employs approximately 400 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, Mumbai and Singapore. For further information, including our most recent periodic financial statements, which details our assets under management, please refer to: