Investcorp, a leading provider and manager of alternative investment products, yesterday announced it has completed its first two real estate investments in Europe.
Investcorp has acquired two modern warehouse units in Doncaster, one of the most important distribution locations in the UK. Additionally, Investcorp has acquired a light manufacturing facility on the Sutton Fields Estate, the largest industrial estate within Hull. The properties comprise a total of 504,000 square feet and are both let to two different tenants on long leases. Investcorp acquired the assets for a total consideration of approximately £35m, in partnership with UK focused real estate investment group, Brydell Partners.
The two acquisitions form the seed assets of Investcorp’s UK industrial and logistics programme, which will target income-generating industrial assets across the UK. The programme, which is part of Investcorp’s wider European investment strategy, aims to build a diversified portfolio of single-let assets in the UK with individual lot sizes of £10m to £20m and a combined portfolio value in excess of £100m.
Johannes Glas, Managing Director at Investcorp in Qatar, said: “This is an important milestone for Investcorp as we embark on our plans to expand our real estate portfolio into Europe.
It comes as a natural step for our real estate team, not only because of the strong track record they have built in the US, but also because of Investcorp’s long investment history in the European market. We are excited about this new chapter and will continue to work towards delivering our medium-term target of $25bn AUM and the longer term of $100bn.”
Commenting on the acquisitions, Neil Hasson, Managing Director in Investcorp’s Real Estate Investment division in Europe, said: “We are pleased to announce Investcorp’s first real estate acquisitions in Europe. Both the Doncaster and Hull assets fit well within our UK industrial and logistics programme. The assets are well located and we believe they are positioned to benefit from the growth in e-commerce and consumer spending habits."
