Investcorp has expanded its presence in the Southeast and Western regions of the US with the acquisition of a $200m (€188m) industrial portfolio.
The global alternative investment firm said it has acquired a 1.3m sqft, 31-building multi-tenant industrial real estate portfolio across two markets in South Florida and Denver.
The latest transaction lifts Investcorp’s industrial real estate holdings in the US to around $5.1bn, comprising approximately 43m sqft, the company said.
Herb Myers, co-head of US real estate at Investcorp, said: “The industrial real estate market in the US continues to exhibit strong tailwinds and remains one of the most attractive asset classes for investment. Our forward-thinking decision to rebalance our real estate portfolio in favour of industrial and residential assets over the past decade has resulted in attractive risk-adjusted returns for our investors, building upon our 28-year track record of successfully investing in US real estate.
“We look forward to further expanding our US industrial strategy by seeking opportunities to acquire well-located industrial assets supported by favourable supply-demand dynamics.”
Michael Moriarty, managing director and head of commercial acquisitions at Investcorp, said: “Both the South Florida and Denver markets are notable for their high barriers to entry due to limited and high cost of land and have experienced substantial in-migration and population growth over the past several years, driving strong and rising demand for high-quality industrial real estate.
“The newly acquired properties continue to perform extremely well while posing value on a relative basis to other industrial space in their respective markets. We were able to acquire the assets at an attractive price, and believe there is further opportunity to grow future net operating income.”
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