Investcorp has announced that its U.S.-based real estate arm has acquired a portfolio of real estate properties in the Boston and Denver metropolitan areas, for a combined sales price of $250 million. The five investments include 20 buildings and 1.8 million sqf of office, industrial, flex and laboratory space. The purchase of the assets were well below replacement costs and have an average occupancy rate of 94 percent.
“Boston and Denver are highly desirable markets whose strong economies make them appealing locations for investments,” said Herb Myers, Managing Director, Real Estate Investment at Investcorp. “The acquisition of these properties is in line with our strategy of acquiring well-occupied cash flowing properties in metropolitan areas with strong growth fundamentals. These properties have long weighted average lease terms, and we believe there is upside potential through our plan to implement property upgrades and accretive leasing.”
