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HomeMiddle EastBahrain’s Investcorp buys $160m US industrial buildings – Banking & Finance

Bahrain’s Investcorp buys $160m US industrial buildings – Banking & Finance

Bahrain-based Investcorp has announced that its US real estate arm has invested in an industrial portfolio of properties in the Chicago and Boston metropolitan areas for a total purchase price of about $160 million.

The portfolio includes six properties with an aggregate of approximately 1.8 million square feet of warehouse and distribution space, the investment firm said in a statement.

Yasser Bajsair, managing director at Investcorp in Saudi Arabia, said: “E-commerce is becoming an increasingly important channel for consumer shopping, which has made industrial and logistics real estate an increasingly attractive asset class.

“We believe these warehouses benefit greatly from being in close proximity to Boston and Chicago, and are well positioned to generate steady rental income as well as value growth.”

The Chicago portfolio is comprised of three buildings that are used primarily for the storage and distribution of frozen food products.

Investcorp said there is limited cold storage industrial space in Chicago and minimal new development that is able to service the city’s growing consumer base as demand for fresh, organic and perishable food products continues to grow. 

In Boston, Investcorp has purchased a warehouse, distribution and flex portfolio totaling approximately 1.1 million square feet. 

With these investments, Investcorp said it adds to its Boston-based industrial assets, after the firm purchased a four-building industrial portfolio in the region comprising 900,000 square feet in October 2016.

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