The Kingdom of Bahrain’s sovereign wealth fund has teamed up with a New York-based investment management firm to buy a commercial real estate asset.

Bahrain Mumtalakat Holding Company is buying an office campus in Raleigh-Durham, North Carolina, in partnership with Sentinel Real Estate Investment Corporation for an undisclosed sum.

The asset is fully leased to technology company Lenovo Group.

Mahmood H. Alkooheji, the chief executive officer of Mumtalakat, said: “The real estate sector is a key component of our portfolio growth strategy, and the US real estate market is growing significantly. 

“With this transaction, the sector represents approximately 22% of our total portfolio companies.”

Alkooheji said the joint venture with Sentinel is in line with the sovereign wealth fund’s collaborative approach to investments for further diversification and growth.

John H. Streicker, the chairman of Sentinel, said: “We are very pleased to be venturing with Mumtalakat on this first joint acquisition. 

“Sentinel is very comfortable with the Raleigh-Durham market.  We have been active investors in the region since the 1970s and maintain a regional office there.”