Investcorp has invested an undisclosed amount in the UK to buy a portfolio of 13 industrial assets.
The $32.2bn (€27bn) asset manager said one of its affiliates has acquired the 1.1m sqft multi-let portfolio in South Wales. The deal represents Investcorp’s first real estate investment in the Welsh market and 11th property investment in the UK since launching its European real estate business in 2017.
The portfolio, which comprises industrial, warehouse and distribution accommodation, is currently 87% leased.
Neil Hasson, managing director and head of Investcorp European real estate business, said: “This latest acquisition represents continued progress on our strategy to assemble a robust portfolio of real estate properties underpinned by solid fundamentals and attractive secular tailwinds whilst offering additional upside potential.
“Industrial real estate has been and continues to remain one of our highest conviction investment themes. With the continued acceleration of e-commerce, we believe that the UK industrial real estate market is poised to benefit from increased demand for such properties and others that we have assembled across our portfolio.”
Investcorp currently has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore.