(MENAFN– Emirates News Agency (WAM))
MANAMA, 10th January, 2023 (WAM) — Investcorp, a Bahrain-based asset manager which counts Mubadala Investment Company as its biggest shareholder, announced today that it is planning to invest up to $1 billion in the real estate market in the GCC over the next five years.
This follows Investcorp’s first real estate acquisition in Saudi Arabia. The investment is a new, state-of-the-art, 215,000 square feet temperature-controlled warehouse located in Dammam.This is the first $100 million-worth of real estate investments the firm is currently assessing in the Kingdom of Saudi Arabia.
The Dammam warehouse is fully leased to Racking Systems Logistics Services Company (also known as“RTL”), a third-party logistics company which serves the Saudi market in the temperature-controllaed warehousing and distribution segment.
The investment in the Dammam warehouse – which can store up to 32,000 pallets of goods – will bring the value of Investcorp’s global warehousing logistics investments to over $4 billion, representing approximately 42 million square feet of industrial space.
Hazem Ben-Gacem, Co-Chief Executive Officer of Investcorp, commented,“Investcorp is a natural partner in this growth journey, and this acquisition leverages our global experience investing in the logistics sector – particularly in the US, Europe and India. This is the first in a series of investments we are planning to make in the near future – to invest $1 billion over the next five years.”
Babak Sultani, Head of GCC Real Estate at Investcorp, said,“Our first acquisition of a warehouse facility in the GCC expands on our recent activity in the region where we see long-term growth dynamics, particularly in the Saudi Arabian market. We have ambitious plans across diversified real estate sectors that support healthcare, education, entertainment, consumer goods, tech-enabled services, manufacturing, transport and logistics, and industrial services.”