Bahrain
Kuwait
Oman
Middle East
GDN Online App available on
App Store / Play Store
Gulf Daily News Gulf Daily News
Gulf Daily News Gulf Daily News Gulf Daily News Gulf Daily News Gulf Daily News
Thursday, August 16, 2018 ARCHIVES  |  SEARCH  |  POST ADS  |  ADVERTISE  |  SUBSCRIBE   |  LOGOUT   |  CONTACT US

Mumtalakat signs major deal to expand portfolio

Bahrain Business
Wed, 07 Feb 2018


MANAMA: Mumtalakat has acquired an office campus in Raleigh-Durham, North Carolina, US in partnership with Sentinel Real Estate Investment Corporation (Sentinel).

This is Bahrain’s sovereign wealth fund’s first joint venture with Sentinel, a New York-based real estate investment management firm with a proven track record across various sectors throughout the US.

The announcement follows a signing ceremony yesterday at Mumtalakat’s offices in the presence of its chief executive Mahmood Al Kooheji and Sentinel chairman John H Streicker. The state-of-the-art Class A campus is fully leased to Lenovo, a Fortune 500 global technology leader and one of the largest PC makers in the world.

Located in the heart of Research Triangle Park, a 7,000-acre dedicated scientific research park in the US, the campus provides strong cash flows, attractive yields and solid rent growth.

Research Triangle Park houses more than 250 companies with more than 50,000 people work.

Commenting on the, acquisition, Mr Al Kooheji said, “The real estate sector is a key component of our portfolio growth strategy, and the US real estate market is growing significantly. With this transaction, the sector represents approximately 22 per cent of our total portfolio companies.”

Mr Streicker said, “We are very pleased to be venturing with Mumtalakat on this first joint acquisition. For the last decade and a half, Sentinel’s corporate strategy has been to align ourselves with sophisticated global investors.

“We find that these cross border alliances have growing importance as the world becomes more interconnected. We continue to learn from the fresh perspectives and new practices that accompany these partnerships.”

You Might Like