Investcorp has acquired its largest U.S. warehouse portfolio, totaling approximately 4.5 million square feet and including 56 industrial properties across seven metropolitan markets, for a total purchase price of approximately $300 million.
“We are proud to announce our largest U.S. warehouse portfolio acquisition since the inception of the business, giving us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the U.S.,” said Mohammed Alardhi, executive chairman of Investcorp.
This investment provides Investcorp with a 90 percent leased portfolio of class A and B warehouse, light manufacturing and flex buildings, across the e-commerce, manufacturing, design, wholesaling and food services industries. The portfolio was purchased as a single investment, with more than 60 percent of the property located in “tier one” industrial markets. The properties that comprise this portfolio include:
* Nine multi-tenant class A and class B warehouses in Minneapolis
* 16 multi-tenant class B industrial warehouse/flex buildings in Dallas
* 14 single and multi-tenant class B industrial warehouse/manufacturing buildings in Chicago
* Nine multi-tenant class A and class B industrial warehouse and flex buildings in Philadelphia and Delaware
* Five multi-tenant class A and class B industrial warehouse/manufacturing buildings in Phoenix
* Two multi-tenant class B industrial warehouse buildings in Houston
* One multi-tenant class B industrial warehouse building in San Antonio
“This investment will help our clients gain and increase exposure to the highly relevant industrial sector in a diversified manner and benefit from some of the secular trends shaping the retailing industry in the United States,” said Rishi Kapoor, co-chief executive officer of Investcorp. “The properties in this portfolio are located in supply-constrained infill areas offering ‘last mile’ proximity to major population centers.”
Since 1996, Investcorp has acquired more than 550 properties for a total value of more than $14 billion. Across the United States, Investcorp targets existing office, retail, industrial, multifamily and hospitality properties located in the largest 30 metropolitan areas with a focus on mid-market core and core-plus investment opportunities.
This recent acquisition represents Investcorp’s ninth industrial portfolio, all of which were acquired over the past 36 months. With this addition, Investcorp now owns 14 million square feet of U.S. industrial assets.
