Investcorp, the Bahrain-based alternative investment product manager, has completed its first real estate portfolio acquisition in Europe with the £40 mln (€45 mln) purchase of seven industrial assets in the UK.
Investcorp announced last year that it was planning an investment drive in Europe, with an initial focus on core-plus opportunities in residential and commercial properties across the UK, Germany, France, Italy and Spain.
Investcorp has a long-established US real estate business and has grown into one of the biggest foreign buyers of US real estate.
The deal - Investcorp's third investment on the Continent and its first portfolio deal - brings Investcorp's European portfolio to over $100 mln (€85 mln). It was made in partnership with Citivale, a UK-based asset manager.
The portfolio consists of single- and multi-let assets in the UK industrial and logistics sectors. It comprises 700,000 sq ft (65,000 m2) across three single let distribution warehouses and four multi-let light industrial properties in High Wycombe, Leeds, South Elmsall, Liverpool, Warrington, Glasgow and Edinburgh. It is well let to more than 40 tenants.
Mohammed Alardhi, executive chairman of Investcorp, said: 'As we embark on our next phase of growth, I am pleased that our European real estate team is making significant progress in building out its property portfolio. This deal is further evidence of the momentum we’re creating in this important pillar of our growth strategy.'
