Bahrain Group Buys US Commercial Portfolio
Investcorp Bank BSC has purchased a portfolio of office and retail properties throughout the U.S. valued at $250 million.
With the deal, the Bahrain-based investment firm - operating through its U.S. subsidiary -- is adding 1.6 million square feet to its portfolio, with an occupancy rate of approximately 92 percent, the company announced. The seller was not disclosed.
The properties are located in the greater Chicago, Los Angeles, Minneapolis and New York areas. They include two office buildings near Northwestern University in Evanston, Illinois; a 25-acre California retail center; a two-tower office complex in Minneapolis and three office properties in Long Island.
"Our approach is to invest in assets that we believe will provide attractive yields soon after they are acquired," Herb Myers, managing director in Investcorp's real estate group, said in the announcement. "We believe that these properties also present an opportunity to improve their operating and leasing performance over a longer time horizon."
Since 2005, Investcorp has purchased more than 200 properties worth approximately $10 billion. The firm has more than $4 billion of property and debt funds under management.