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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