Investcorp sold eight industrial and logistics warehouses located in Doncaster, Leeds, Bilston, Glasgow and Motherwell in the UK to real estate investment company Kennedy Wilson. Photo: Investcorp
Investcorp sold eight industrial and logistics warehouses located in Doncaster, Leeds, Bilston, Glasgow and Motherwell in the UK to real estate investment company Kennedy Wilson. Photo: Investcorp
Investcorp sold eight industrial and logistics warehouses located in Doncaster, Leeds, Bilston, Glasgow and Motherwell in the UK to real estate investment company Kennedy Wilson. Photo: Investcorp
Investcorp sold eight industrial and logistics warehouses located in Doncaster, Leeds, Bilston, Glasgow and Motherwell in the UK to real estate investment company Kennedy Wilson. Photo: Investcorp

Investcorp sells UK industrial and logistics assets in $145m deal


Fareed Rahman
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Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, completed the sale of a portfolio of 10 industrial and logistics assets in the UK to separate buyers as it seeks to cash in on demand for industrial assets while e-commerce booms.

The properties, which are located around the UK, were sold to global property investment company Kennedy Wilson, to Realty Income and to Investra Capital for £108.4 million ($145.3m), Investcorp said in a statement on Sunday.

The properties were sold after the Bahraini asset manager implemented a strategy which involved significant lease extensions and improvements in revenue.

“The industrial and logistics real estate assets are essential for driving e-commerce and supporting supply chains, and we remain focused on investing in these sectors,” Khulood Ebrahim, real estate product specialist at Investcorp, said.

The demand for industrial and logistics assets has been rising because of greater e-commerce activity during the coronavirus pandemic. Europe's e-commerce market grew to €757 billion in 2020, up about 10 per cent from €690bn a year earlier, according to 2021 European E-commerce Report by trade bodies Ecommerce Europe and EuroCommerce.

Investcorp acquired the assets during the second half of 2017 for £69m and sold them last month.

The sale to Kennedy Wilson comprised a portfolio of eight “mid box” industrial and logistics warehouses located in the established distribution markets of Doncaster, Leeds, Bilston, Glasgow and Motherwell. The second sale, to Realty Income, comprised a modern detached industrial unit located in Hull, totalling 270,388 square feet, according to the company.

The third sale, to Investra Capital, comprised a collection of manufacturing and distribution units located in Tamworth, totalling 201,309 sq ft.

Since launching its European real estate business in 2017, Investcorp has invested approximately €1bn into 80 properties across the UK, Germany, the Netherlands, Italy and Belgium, the company said.

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Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

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The smuggler

Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
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The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.

Khouli conviction

Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.

For sale

A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.

- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico

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- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950

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