Mubasher: Bahrain-based Investcorp on Wednesday announced that its US-based real estate arm has acquired a diverse portfolio of properties in the metropolitan areas of Boston and Denver at a total purchase price of approximately $250 million.
"The five investments include 20 buildings and 1.8 million square feet of office, industrial, flex and laboratory space, highlighting Investcorp’s strategy to invest in strong, cash-flowing properties throughout key US markets," the company revealed in its statement.
The occupancy rate for the new acquisitions reaches 94%, it said, adding that its investments benefit from the improving employment environment.
"They were acquired with different local partners who have established track records in their respective sectors and markets," the statement said.
Commenting on the acquisitions, Investcorp's Co-CEO Mohammed Al-Shroogi stated: “The acquisition of these properties is in line with our strategy of acquiring well-occupied cash flowing properties in metropolitan areas with strong growth fundamentals.”
Fahad Murad, Managing Director at Investcorp in Bahrain, said, “With a strong base of tenants and supportive local market dynamics, these properties are great additions to our US Real Estate portfolio. It has been a very busy year for Investcorp on the Real Estate front and we expect to continue to invest in US real estate.”
Boston is the 10th largest metropolitan area in the US with an unemployment rate of 3.5%, which significantly less than the national rate of 5%. The newly-acquired Boston Metro Industrial is 95% occupied, while Blackstone Science Square, located between Harvard and MIT in Cambridge, Massachusetts, is 99% leased.
