Real estate acquisitions over last year worth more than $1.5bn
The Bahrain-based Investcorp has announced that its US real estate arm has acquired an office building in Washington D.C for $180 million.
The alternative investment fund provider says it purchased the property at 733 10th Street with its joint venture partner, ScanlanKemperBard.
The Class A quality building is spread over 170,813 square feet and is 100% occupied. It is in close proximity to high-end retail stores, premium hotels and restaurants, two major metro stations and sports and entertainment venues.
Investcorp said that its total real estate acquisitions have exceeded $1.5 billion in gross asset value over the last 12 months.
The acquisition is in line with the company’s strategy to focus on core-quality, long-term hold assets in key gateway markets, the firm said.
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 like 733 10th Street in a handful of major gateway markets to supplement our on-going investment activity in strategically-located properties throughout the U.S.”
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 U.S. capital and full occupancy, we believe it has the ability to generate stable cash flow and provide resilience to market volatility.”