Bahrain-based asset manager Investcorp has teamed up with two sovereign wealth funds to form a $526 million fund that will invest in industrial real estate in the US, where the company sees “attractive” opportunities to grow its footprint.
The new fund builds on an initial venture established in November 2021 by Investcorp and the two wealth funds. Across both ventures, they have collectively committed more than $1 billion of equity over the past two and a half years to acquire industrial property, the company said in a statement on Wednesday.
"We remain strategically focused on maximising value in the US market," said Mohammed Alardhi, executive chairman of Investcorp.
"We're set to expand our presence in this high-potential sector and look forward to additional avenues for growth."
The US industrial property market recorded "white-hot" and "unprecedented" demand in 2021 and 2022, prompting industrial developers to complete a record 607 million square feet of new supply last year, real estate firm Colliers said in a report in January.
However, this new supply was nearly triple the demand as measured by net absorption of 231 million sq ft. As a result, vacancy rates increased in each quarter of last year in every region of the US, the report said.
The gap between new supply and demand will narrow this year, as construction completions fall off and demand holds steady or builds slowly as the year progresses, Colliers said in its outlook for the year.
As a result, the US industrial vacancy rate is forecast to increase by another 110 basis points during 2024, eventually stabilising at about 6.6 per cent towards the end of the year.
Investcorp’s industrial property holdings in the US currently comprise $5.1 billion across 43 million sq ft, it said.
The new investment venture will allow Investcorp to "meaningfully increase" its growing footprint in the segment.
“The US industrial sector continues to exhibit strong fundamentals and we continue to see attractive opportunities to expand our investments in the last-mile subset of this asset class,” said Yusef Al Yusef, head of distribution at Investcorp.
E-commerce, the rapid growth of nearshoring trends, US fiscal policy and government spending continue to drive record demand for last-mile facilities near large and growing population centres.
"The assets we will be targeting for this venture remain largely insulated from the supply issues impacting big-box industrial warehouses," he said.
Since 1996, Investcorp has acquired more than 1,300 properties for a total value of about $25 billion.
Investcorp’s strategy for US real estate is to invest mainly in the industrial and residential sectors and currently 98 per cent of the company's $9.2 billion portfolio in the country consists of these types of property.
The company is among the top-five largest cross-border buyers of US real estate and industrial property over the past five years, it said, citing data by research firm Real Capital Analytics.
Investcorp currently manages $52 billion in assets, including assets managed by third party managers. Established in 1982, it has 14 offices in the US, Europe, GCC and Asia.
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SPECS
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- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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UAE currency: the story behind the money in your pockets
MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
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Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
UAE currency: the story behind the money in your pockets
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
BeIN Sports currently has the rights to show
- Champions League
- English Premier League
- Spanish Primera Liga
- Italian, French and Scottish leagues
- Wimbledon and other tennis majors
- Formula One
- Rugby Union - Six Nations and European Cups
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
Cincinnati Runner-up
US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
SRI LANKA SQUAD
Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
Lahiru Thirimanne, Kusal Mendis, Milinda Siriwardana
Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
Nuwan Pradeep, Suranga Lakmal, Dushmantha Chameera
Vishwa Fernando, Akila Dananjaya, Jeffrey Vandersay
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
