Global investment firm Investcorp has sold a portfolio of industrial properties located across the midwestern US for $365m (€311m).
Investcorp said the sale of 3.5m sqft of industrial assets located in cities, including Chicago, Illinois, Cleveland, Cincinnati and Columbus, Ohio, resulted in returns above original expectations.
The assets include a total of 32 industrial assets, comprising 23 light industrial properties in Ohio, an eight-building industrial park near Chicago, and one distribution facility in the Cleveland MSA.
Herb Myers, global head of real assets for Investcorp, said: “We continue to believe in the industrial asset class, and the success of this portfolio liquidation is a testament to our prudent capital deployment into key US markets. We capitalised on peak pandemic dislocation in 2020 to acquire these well-located assets at a highly attractive basis and were able to drive NOI [net operating income] growth via lease-up and mark-to-market opportunities.
“Though growth in the industrial sector has moderated from the highs of 2021 and 2022, we still see strong opportunity to invest in attractive submarkets near well-populated consumption centers that are easily accessible across numerous forms of transportation.
“We remain committed to and focused on selective investment in business-friendly environments with strong fundamentals, which we expect to continue to flourish in the coming years.”
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