Bahrain-listed private equity and alternative asset manager Investcorp is looking to invest $4 billion on property acquisitions in the US and Europe over the next two years, according to a top executive of the firm.
"We are on a growth trajectory and we see ourselves growing significantly from a portfolio perspective in the next two years," Jon Dracos, head of real estate investment at Investcorp told The National in an interview. "We are targeting a number of properties in the US and Europe especially in the residential and industrial warehouse sectors as occupancy continues to be good."
The company plans to fund its acquisitions through a mix of debt and equity, according to Mr Dracos. Since its inception in 1996, Investcorp’s global real estate investments have totalled about $18bn in over 800 properties across the US, Europe and India.
Investcorp has been actively investing in the US and Europe in buying residential property as well as industrial warehouses with total investments of about $6bn. Its invested about $5bn in the US market and $1bn in Europe.
It recently acquired 32 industrial properties in the US for more than $280 million. That investment expanded the company's industrial real estate portfolio to about $2bn, in tandem with rising demand for warehouses. The growth in demand comes in the wake of an uptick in e-commerce activity and companies increasingly digitising their businesses as a result of the coronavirus pandemic.
“The global trends and national trends around e-commerce, online supply chain dynamics is driving a lot of demand in the warehouse space,” he said, adding the company will be looking to invest in 20 to 30 major metropolitan areas in the US in buying warehouses as well as residential property.
“The sectors that we are investing in, which is residential and warehouse, collections in those sectors continued to be very good. Occupancy in those sectors continues to be in mid-upper 90’s.”
Investcorp is also aiming to grow its presence in Europe. In March, it entered the Belgian market through a $98m acquisition of The Bridge, a single-let office and research and development asset located in Brussels. It also bought office property in Germany and the Netherlands.
“In the UK, we focused on warehouse properties related to e-commerce dynamics…active in buying warehouses over the last three years and will continue to do so.”
The UK industrial and logistics sector performed well in the first half of 2020, despite disruptions to the UK economy caused by Covid-19. The company attributes this largely to rising demand for large warehouses. E-commerce companies and third-party logistics firms accounted for approximately 57 per cent of the floor space taken in the first half of 2020, according to Investcorp.
However, investment volumes for industrial and logistics assets in the UK have declined by approximately 21 per cent year-on-year during the period to around £2.2bn, mainly due to a muted second quarter as the investment market paused due to Covid-19.
On Brexit and how is it is impacting investment decisions in the UK, Mr Dracos said, the company is focusing on domestic-oriented tenants in the industrial warehouse space.
“That proved to be a good strategy given the (Brexit) uncertainty over the last four years and we are going to continue to invest in that space.”
The company, which counts Mubadala Investment Company as its biggest shareholder, is eyeing new opportunities in India, where it already has $200m worth of investments.
“We see a good opportunity in that market and our growth focus is really around residential, which is statistically pretty dynamic in India right now," Mr Dracos said. "In addition to that, we are looking at some strategic sectors around education, which India continues to develop and it will be a really interesting space.”
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Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
War on waste
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Damien McElroy: Anti-science attitudes in America are proving lethal
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World Mental Health Day
US Industrial Market figures, Q1 2017
Vacancy Rate 5.4%
Markets With Positive Absorption 85.7 per cent
New Supply 55 million sq ft
New Supply to Inventory 0.4 per cent
Under Construction 198.2 million sq ft
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- Alistair Burt: Despite Brexit, Britain can remain a world power
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Tomorrow 2021
Tomorrow 2021
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Tomorrow 2021
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Tomorrow 2021
On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
The National Editorial: Is there much to celebrate on International Women's Day 2021?
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
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• Remittance charges will be tackled by blockchain
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• Could the UAE drive India's economy?
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• Architecture is over - here's cybertecture
• The National announces Future of News journalism competition
• Round up: Experts share their visions of the world to come
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Damien McElroy: A CEO tasked with spreading Iran's influence
Hussein Ibish: Trump's order on solid constitutional ground
Simon Waldman: Cautious Israel keeping a low profile
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1.
2.
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4.
5.
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
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• Remittance charges will be tackled by blockchain
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• Could the UAE drive India's economy?
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Jack Moore: Why the assassination is such a monumental gamble
Matthew Levitt: Iran retains its ability to launch terror attacks
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