(MENAFN- The Peninsula) Investcorp, a global provider and manager of alternative investment products, announced yesterday that its US-based real estate arm has invested in an industrial portfolio of properties in the Chicago and Boston metropolitan areas for a total purchase price of approximately $160m. The portfolio includes six properties with an aggregate of approximately 1.8 million square feet of warehouse and distribution space.
Investcorp, which has operations in Qatar, focuses on generating investor and shareholder value through a disciplined investment approach in businesses like corporate investment, real estate, alternative investment solutions , together with the recently added credit management business.
Johannes Glas, Managing Director at Investcorp in Qatar, said, "We are pleased to add these six warehouse assets to the Investcorp portfolio. Being close to major cities, all of the properties are located in high demand areas with limited supply. We believe this creates very attractive market dynamics and the properties will generate solid rental income."
The Chicago portfolio, located in close proximity to downtown Chicago, is comprised of three individual cold storage industrial buildings that are used primarily for the storage and distribution of frozen food products. There is limited cold storage industrial space in Chicago and minimal new development that is able to service the city's growing consumer base as demand for fresh, organic and perishable food products continues to grow. Investcorp is partnering with Bridge Development Partners, one of the largest owner/operators of cold storage in the Chicago market.
In Boston, Investcorp has purchased a warehouse, distribution and flex portfolio totaling approximately 1.1 million square feet. These properties are located in the southern portion of the Boston metropolitan area, with convenient access to major transportation thoroughfares for easy distribution to businesses throughout the city and adjacent suburbs.
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