Bahrain's Investcorp, the biggest alternative asset manager in the Middle East, has acquired properties in two US cities for more than $335 million, capitalising on its optimism about US growth.
The two portfolios feature 27 properties, totalling more than 2.7 million square feet (about 250,000 square metres), in Minneapolis and Baltimore, the Manama-based firm said on Wednesday.
They consist of 17 buildings over 1.9 million square feet in Minneapolis, and 10 buildings over 881,000 square feet in Baltimore, giving Investcorp access to major thoroughfares, employment centres and residential neighbourhoods, it said.
Market rent growth over the past three years averaged 11.4 per cent in Minneapolis and 13.4 per cent in Baltimore, outpacing the average of 9.3 per cent in the top 50 US metropolitan areas, data from California-based Green Street Advisors shows.
“The evolution of supply chain logistics over the past several years has continued to support demand in the US industrial sector, which has retained its strong fundamentals throughout market cycles despite broader economic volatility,” Yusef Al Yusef, global head of distribution at Investcorp, said.
“With e-commerce showing no sign of slowing and a lack of new supply for infill and urban products, we continue to believe in the long-term viability of the asset class.”
Investcorp's latest investment is a testament to its confident view of the world's largest economy under Donald Trump’s second stint in the White House. Executive chairman Mohammed Alardhi told The National at the World Economic Forum in Davos that he expects the US economy to “do much better” in 2025.
America's investment environment has improved in the past two years, with better market activity, private equity investments rising, initial public offerings bouncing back and the chances of a global recession sharply dropping from 70 per cent to 30 per cent.
The investment is also part of Investcorp's portfolio expansion strategy. Its assets under management have grown to $55 billion and it aims to boost it to $100 billion by investing in areas including the Americas, Europe and the broader Asia region, including the Middle East. It maintained a brisk pace of acquisitions through the Covid-19 pandemic.
Among its major acquisitions in 2024 are a “strategic growth investment” in US tax advisory company PKF O’Connor Davies and its purchase of Stowe Family Law, the largest specialist family law firm in the UK.
“We look forward to continuing to seek attractive industrial investment opportunities in fundamentally strong markets with proximity to established population bases across the US,” said Michael Moriarty, managing director and head of commercial acquisitions at Investcorp.
Established in 1982, Investcorp invests across asset classes through its six business lines: private equity, real estate, absolute return investments, infrastructure, credit management and strategic capital.
Last year, Investcorp reorganised its business verticals and made top-management changes to ensure profitability and growth. It is now present in the right markets, invests in the right asset classes and has streamlined its strategy to eliminate silos from all its businesses, Mr Alardhi had said.
In November, vice chairman Rishi Kapoor told The National that Investcorp had raised $5.4 billion in funding from global investors during its last fiscal year and expects to reach a similar level this year, despite a sharp increase in geopolitical volatility in the Middle East.
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
UAE Premiership
Results
Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes
Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
The squad traveling to Brazil:
Faisal Al Ketbi, Ibrahim Al Hosani, Khalfan Humaid Balhol, Khalifa Saeed Al Suwaidi, Mubarak Basharhil, Obaid Salem Al Nuaimi, Saeed Juma Al Mazrouei, Saoud Abdulla Al Hammadi, Taleb Al Kirbi, Yahia Mansour Al Hammadi, Zayed Al Kaabi, Zayed Saif Al Mansoori, Saaid Haj Hamdou, Hamad Saeed Al Nuaimi. Coaches Roberto Lima and Alex Paz.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Correspondents
By Tim Murphy
(Grove Press)
Ashes 2019 schedule
August 1-5: First Test, Edgbaston
August 14-18: Second Test, Lord's
August 22-26: Third Test, Headingley
September 4-8: Fourth Test, Old Trafford
September 12-16: Fifth Test, Oval
SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
