Investcorp acquires $65m US properties
Manama:
Bahrain-based Investcorp, a leading provider and manager of alternative investment products, has acquired a portfolio of mixed-use commercial real estate properties in the Northern San Francisco Bay Area in the US.
In the largest transaction closed in the North Bay area so far this year, Investcorp’s US-based real estate arm acquired the properties for approximately $65 million, said a statement.
The predominately Class A portfolio comprises 14 buildings, including a mix of office, industrial, and retail properties concentrated in Petaluma, also known as Telecom Valley, totaling 840,637 sq ft.
In acquiring the portfolio, Investcorp ventured with PBJ Acquisitions, a San Francisco-based real estate owner and operator. Together Investcorp and PBJ will seek to increase the net operating income of the properties by leasing the currently vacant space and by renewing existing tenants.
Mohammed Al Shroogi, Investcorp’s president for Gulf Business, said: “Investcorp Real Estate has over 16 years of experience and has completed transactions totaling over $10 billion. In the last 12 months alone, Investcorp has deployed more than $200 million of capital in US real estate including two other acquisitions in the greater Los Angeles area.” – TradeArabia News Service
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Article source: http://www.tradearabia.com/news/newsdetails.asp?Sn=REAL&artid=214083