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FINANCIAL NEWS
Bahrain’s Investcorp buys 16 US properties in USD120m contract
10 Jan 2013
(MENAFN) Bahrain’s Investcorp announced that its US property unit has made two acquisitions in the Greater Houston and Chicago metropolitan areas with a combined value of nearly USD120 million, reported Arabian Business.
The alternative asset manager said that the acquisitions include 16 high-quality office properties, of which 11 are located at the Oak Creek Centre in suburban Chicago’s East-West corridor in Lombard, Illinois, and 5 properties known as Pin Oak Park in Houston’s West Loop.
It added that the combined 900,000 sq ft portfolios are located in high-income, densely populated areas, with limited new property supply or development.
Furthermore, the properties have a combined occupancy rate of around 90 percent, and are leased to a different list of tenants, many of whom are engaged in the healthcare sector.
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