Investcorp acquires US property

18 September 2016

Investment firms continues US strategy

Bahrain’s Investcorp has acquired a 41-storey office building in Seattle, Washington for $224m, with its joint venture partner, local Schnitzer West.

This follows the acquisition of a Washington DC office building in February for $180m.

The Seattle building, 901 Fifth Avenue, covers 540,589 square feet and is 90 per cent occupied by 46 tenants.

The acquisitions form part of Investcorp’s new strategy of purchasing high quality, well occupied properties in key US markets.

“In the past year, we have exceeded $400 million in gross asset values with this strategy,” Babak Sultani, real estate specialist at Investcorp. “What we liked about this property is that it is easily accessible via the region’s primary freeways and public transportation options, and is within walking distance to high-end restaurants, retail outlets, hotels, cultural attractions and Seattle’s court houses, which we believe fuels significant demand for office space from legal, professional services and technology firms.”

Abu Dhabi sovereign wealth fund Mubadala Development Company is acquiring a 20 per cent stake in Investcorp.

Investcorp had $10.8 billion in total assets under management as of June 2016.

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