MANAMA: Bahrain-based alternative investment manager Investcorp has bought two office buildings in New York City’s garment district for $156 million.
The acquisition was effected by Investcorp’s US-based real estate arm, said a statement, adding that both properties are fully leased to a diverse roster of over 20 long-term tenants.
Investcorp Real Estate Investment managing director Brian Kelley said, “the centrally-located properties are well-positioned to benefit over the long-term from the development activity around Hudson Yards, Manhattan West, Penn Station and Moynihan Station while providing stable, in-place cash flows to investors.”
As part of the transaction, Investcorp has entered into a joint venture with Brickman, a New York-based owner-operator with a proven track record in the New York real estate market.
Brickman maintains a joint-venture investment in the properties and will serve as the leasing and management agent.
“We are excited to enter into our third partnership with Brickman, as we believe their investment and management capabilities will unlock immediate value in each of the properties,” added Mr Kelley.
Investcorp executive chairman Mohammed Alardhi said expanding the real estate portfolio in the US is a key component of the firm’s overall growth strategy.
“As one of the largest foreign investors in US real estate, we have invested more than $2 billion in the last 18 months and will continue to focus on uncovering opportunities in gateway cities across the country,” he added.
Since its inception in 1982, Investcorp has made more than 170 corporate investments worth over $55bn.