Investcorp has expanded its presence in US industrial real estate markets with the acquisition of $335m (€319m) worth of assets.
The investment firm said it has acquired the 17-building Minneapolis Industrial Portfolio, which spans close to 1.9m sqft and the 10-building Baltimore Industrial Portfolio of around 881,000 sqft.
Herb Myers, global co-head of real assets at Investcorp, said: “The evolution of supply-chain logistics over the past several years has continued to support demand in the US industrial sector, which has retained its strong fundamentals throughout market cycles despite broader economic volatility.
“With e-commerce showing no sign of slowing and a lack of new supply for infill and urban products, we continue to believe in the long-term viability of the asset class.”
Michael Moriarty, MD and head of commercial acquisitions at Investcorp, said the Minneapolis and Baltimore acquisitions offer “us a unique opportunity to scale our presence in two markets with highly diversified tenancies”.
Moriarty added: “We look forward to continuing to seek attractive industrial investment opportunities in fundamentally strong markets with proximity to established population bases across the US.”
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