06:08
Investcorp, a leading provider and manager of alternative investment products, has announced that its US-based real estate arm, through four separate transactions, has acquired a portfolio of office and industrial properties in the metropolitan areas of Atlanta, San Francisco and Boston for $400 million.
These acquisitions are consistent with Investcorp’s strategy to invest in well-occupied properties with healthy cash flows located in major US markets displaying strong economic fundamentals and employment growth, said the company in a statement.
The entire industrial portfolio and one of the three office properties are located in the greater Atlanta area, and should be set to benefit from its highly diversified and growing economy, it stated.
As the business capital of the Southeast, Atlanta boasts some of the highest job and population growth projections in the country. The remaining properties are located in the high-performing sub-markets of San Francisco and Boston, which benefit from strong technology, biotechnology, and healthcare driven office demand.
On the acquisition, Mohammed Al Shroogi, Investcorp’s co-chief executive, said: "Atlanta, San Francisco, and Boston are top business destinations with some of the most compelling job and rental growth stories of recent years. All of the properties in this portfolio are well-occupied with strong, stable cash flows and diversified tenant bases, and thus are well aligned with our investment strategy of working with local operating partners to add value to properties that already provide an attractive current yield."
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