Investcorp acquires office properties in Greater Houston and Chicago valued at
REAFFIRMS COMMITMENT TO STABLE, CASH FLOWING PROPERTIES IN MAJOR MARKETS
NEW YORK, Jan. 9, 2013
NEW YORK, Jan. 9, 2013 /PRNewswire/ --Investcorp, a leading global provider
and manager of alternative investment products, today announced two portfolio
acquisitions comprised of 16 high-quality office properties in the Greater
Houston and Chicago metropolitan areas. The combined 900,000 square foot
portfolio is valued at approximately $120 million.
The two acquisitions include 11 properties at the Oak Creek Center located in
suburban Chicago's East-West corridor in Lombard, Illinois, and five
properties known as Pin Oak Park in Houston's West Loop (Bellaire submarket),
less than four miles from the Texas Medical Center, the largest medical center
in the world. The properties, with a combined occupancy rate of approximately
90 percent, are leased to a diverse roster of tenants, many of whom are
involved in the healthcare industry.
These transactions are consistent with Investcorp's investment approach of
seeking out high quality, stable, cash flowing assets at attractive
valuations, and in close proximity to major economic centers. Bellaire and
Lombard are both high-income, densely populated areas, with limited new real
estate supply or development – typical characteristics of the geographic areas
in which Investcorp focuses its investments.
Herb Myers, Managing Director at Investcorp said: "We continue to focus on
high quality assets in major metropolitan areas that benefit from
macroeconomic demand drivers, such as healthcare, and can generate cash
yields. We selected these two portfolios, in part, as a result of an existing
tenant base affiliated with the growing healthcare industry. If appropriate,
we may seek additional healthcare tenants for these properties."
Investcorp joined forces with two reputable operating partners for these
transactions. In the case of Oak Creek Center, Investcorp partnered with
Chicago-based Golub and Company, with whom they have entered into previous
transactions. For Pin Oak Park, Investcorp teamed up with Houston-based
In 2012, among other transactions, Investcorp acquired three office properties
in Raleigh, North Carolina and one office property in Dallas, Texas. Tenants
in those properties include the National Institute of Health, in Raleigh and
Oracle Corporation, in Dallas. Investcorp has also been active in the
multi-family real estate market in the major Texas metropolitan areas of
Austin, Dallas, and Houston, having acquired nine multi-family properties in
these cities over the last 12 months.
Investcorp is a leading provider and manager of alternative investment
products.Investcorp has offices in New York, London and Bahrain and is
publicly traded on the Bahrain Bourse (INVCORP).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 June 30, 2012, Investcorp
had $11.5 billion in assets under management.Further information is available
Contact: FTI Consulting: James Cheston, +1-646-576-8120,
Jim.firstname.lastname@example.org or Investcorp: Firas El Amine, +973 3998 7838,
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