Investcorp Capital said that it has sold its US National I Portfolio for $360 million, a roughly 40 per cent increase over its initial purchase price of about $262m less than four years ago.
The portfolio spans six investments across six US states and 2.3 million sqft, the Abu Dhabi-listed investor in private markets said in a statement.
Investcorp Capital estimated returns from the portfolio’s acquisition in March 2021 at 12pc internal rate of return (IRR) and a 1.4x multiple on invested capital (MOIC), above projections of 8.5pc.
The sold portfolio included industrial properties in Arizona, Minnesota, Florida, California, New Jersey, and Nevada.
The company’s interim chief executive Mohamed Aamer said the company was pleased to have capitalised on “attractive exit opportunities” in the industrial real estate sector.
“The continued prevalence of e-commerce, along with limited levels of new supply in the US, have contributed to significant growth for the industrial sector over the past five-plus years, validating the strength of our investment thesis,” he added.
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