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Investcorp buys $180m building in Washington DC

MANAMA, February 29, 2016

Investcorp, a leading provider and manager of alternative investment products, has announced that its US-based real estate arm has acquired a Class A, quality office building in Washington DC for approximately $180 million.

This acquisition is consistent with Investcorp’s recent track record of acquiring top-quality, cash flowing properties in the US and also represents the first acquisition under a new initiative focused on core-quality, long-term hold assets in key gateway markets.

The property, on the 10th Street, is a 170,813-sq-ft, 100 per cent occupied, luxury office building located in the heart of Washington DC’s East End office submarket. It is in close proximity to high-end retail stores, premium hotels and restaurants, two major Metro stations and well-known sports and entertainment venues.

Mohammed Al-Shroogi, co-CEO at Investcorp, said: “The 733 10th Street property is a stable, prime asset offering and what we believe to be resilient long-term value. We continue to seek additional core-quality, stable properties in a handful of major gateway markets to supplement our on-going investment activity in strategically-located properties throughout the US.”

Fahad Murad, managing director at Investcorp for Bahrain, said: “733 10th Street is a valuable addition to our real estate portfolio and, given its prime location in the US capital and full occupancy, we believe it has the ability to generate stable cash flow and provide resilience to market volatility.”    

Investcorp purchased the property with its joint venture partner, ScanlanKemperBard.

Investcorp’s real estate group continues to identify alternative investment opportunities that it believes will deliver superior returns. In the last 12 months, Investcorp’s total real estate acquisitions have exceeded $1.5 billion in gross asset value. Since 1996, Investcorp has completed over 400 property investments totaling more than $13 billion in value. - TradeArabia News Service




Tags: Bahrain | banking | Investcorp |

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