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Deals & Dealmakers

Investcorp acquires $170M US distribution portfolio

Investcorp announced that its U.S.-based Real Estate Investment team has acquired a portfolio of eight single-tenant distribution properties in various locations across the U.S. for a combined $170 million.

The properties total 1.4 million square feet and are 100 percent leased.

“We are pleased to add these properties to our growing portfolio of assets in the logistics space, a core component of our global real estate investment strategy,” said Rishi Kapoor, Co-CEO of Investcorp.

“Each of these properties is fully leased by well-known tenants on long-term leases, enabling us to deliver attractive cash flow to our investors while simultaneously capitalizing on what we believe are strong underlying market dynamics and robust growth of the sector.”

Tenants in the portfolio include FedEx Ground, a multinational courier delivery services company; XPO Logistics, one of the top 10 global providers of supply chain transportation and logistics services; Conagra Foods, a packaged foods company that produces and distributes food products to supermarkets, restaurants and other food establishments; and Spectrum, a provider of consumer cable television, internet, telephone and wireless services.

The portfolio is located across eight markets: Chicago, IL; Phoenix, AZ; Jacksonville, FL; St. Louis, MO; Charlotte, NC; Cincinnati OH; Cleveland, OH; and, San Antonio, TX.

“With the rapid growth of e-commerce driving increased demand for industrial assets nationwide, this portfolio underscores our ability to identify and then execute on long-term, secular trends in real estate,” added Herb Myers, Managing Director in Real Estate Investment at Investcorp. “The properties in this portfolio offer convenient access to major highways and railways, which is one key factor driving the long-term tenancies.”

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