DOHA: Investcorp, a leading provider and manager of alternative investment products, yesterday announced that its US-based real estate arm has acquired a Class A, quality office building in Washington, D.C. for approximately $180m.
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, 733 10th Street, is a 170,813 sqft, 100 percent occupied, luxury office building located in the heart of Washington, DC’s East End office submarket, in close proximity to high-end retail stores, premium hotels and restaurants, two major Metro Stations and well-known sports and entertainment venues.
Ramzi Abdel Jaber, Managing Director at Investcorp for Qatar, said, “Investcorp continues to grow its real estate portfolio with valuable assets across major US markets. The 733 10th Street property represents a strategic addition to our long-standing investment history in the US, which has reached over $13bn in value since 1996. We look forward to capturing new opportunities in the real estate market and expanding our presence in the US.”
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 twelve months, Investcorp’s total real estate acquisitions have exceeded $1.5bn in gross asset value. Since 1996, Investcorp has completed over 400 property investments totaling more than $13bn in value.
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in Doha, Bahrain, New York, London, Saudi Arabia and Abu Dhabi. Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As at December 31, 2015, the Investcorp Group had $10.7bn in total assets under management (‘AUM’), including assets managed by third party managers and assets subject to a non-discretionary mandate where Investcorp receives fees calculated on the basis of AUM.The Peninsula
