Investcorp Capital earns 40% profit on sale of US industrial assets

Abu Dhabi-listed Investcorp Capital has sold its US industrial real estate portfolio, generating a high return on investment.

The US National I portfolio, spanning six investments across six states and 2.3 million square feet, was sold for $360 million, a 40 percent gain over its initial purchase price of $262 million less than four years ago, the company, majority owned by Bahrain-based Investcorp, said in a statement.

The internal rate of return on the portfolio is estimated at 12 percent.

The portfolio comprises Tempe Commerce Park (5 buildings), Minneapolis Industrial (16 buildings), Florida Industrial (13 buildings), California Industrial (one building), New Jersey Industrial (three buildings) and Nevada Industrial (one building).

The continued prevalence of ecommerce and limited levels of new supply in the US has led to significant growth for the industrial sector over the past five-plus years, said Investcorp Capital’s interim CEO Mohamed Aamer.

He added that the company sees further opportunities within the sector.

Investcorp Capital, which has been listed on the Abu Dhabi stock exchange since November 2023. It share price is down 16 percent to AED1.66 since the start of this year.

In March 2024 Investcorp unveiled a $526 million venture to acquire industrial real estate assets in the US.

The company announced plans to fund the $4.2 billion redevelopment of terminal 6 at New York’s JFK International Airport in April 2024.

Investcorp Group, Investorp Capital’s parent company, has more than $55 billion in assets under management.