Global alternative investment group Investcorp has set up a new $526m (€485m) US industrial real estate venture with the backing of two unnamed ”leading sovereign wealth funds”.
The new venture will build on the strategy of the initial venture that was established in November 2021. Across both ventures, the two sovereign wealth funds, alongside Investcorp, have committed over $1bn of equity over the past two and a half years to acquire industrial assets.
Investcorp’s industrial real estate holdings in the US comprise $5.1bn of assets across 43m sqft. This new venture will provide Investcorp with the ability to meaningfully increase its US industrial market presence, the company said.
Executive chairman of Investcorp, Mohammed Alardhi, said: “This commitment by two of the world’s most reputable sovereign wealth funds underscores the deep trust in our real estate platform and teams. We remain strategically focused on maximising value in the US market, reinforcing our commitment to delivering robust growth opportunities for global investors and shareholders.
”Building upon the achievements of our prior collaboration, we’re set to expand our presence in this high-potential sector and look forward to additional avenues for growth.”
Herb Myers, co-head of real estate, US for Investcorp, added: “The US industrial sector continues to exhibit strong fundamentals, and we continue to see attractive opportunities to expand our investments in the last-mile subset of this asset class.
“In particular, ecommerce, the rapid growth of nearshoring trends, and US fiscal policy and government spending continue to drive record demand for last-mile facilities located near large and growing population centers.
”In addition, the assets we will be targeting for this venture remain largely insulated from the supply issues impacting big-box industrial warehouses.”
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