Mubasher: Investcorp has sold a portfolio of industrial real estate properties located in the Boston and Chicago metropolitan areas in the US, through two separate transactions at a combined value of more than $200 million.

Investcorp acquired the properties in 2017 and finalised some value-enhancing initiatives, including raising the overall occupancy of the portfolio to 98% at the time of exit, according to a press release on Tuesday.

Commenting on the exit, global head of Distribution at Investcorp, Timothy Mattar, said, “This sale represents another example of our leading real estate team identifying attractive assets that are supported by long-term and resilient trends, such as the ongoing growth of e-commerce.”

The Boston-based properties comprised a warehouse, distribution, and flex real estate portfolio spanning approximately 1.1 million square feet, while the three individual cold storage Chicago properties are spread across nearly 700,000 square feet.

Investcorp’s managing director and real estate product specialist, Babak Sultani, stated, “Industrial, warehouse, and logistics real estate assets are essential for driving e-commerce and supporting supply chains, which is why we increased our focus on this area several years ago. We remain focused on continuing to identify resilient investment opportunities.”

In 2019, Investcorp ranked as the second-largest international buyer and fourth-largest international seller of US real estate. Currently, it owns around 230 industrial properties across the US totalling approximately 19 million square feet.