The Kingdom of Bahrain鈥檚 sovereign wealth fund has made its second US real estate investment this year in partnership with New York-based Sentinel Real Estate Investment Corporation.
Bahrain Mumtalakat Holding Company said the partnership has bought office buildings in Charlotte, North Carolina metropolitan area for an undisclosed sum.
The 421,863sqft property consists of two buildings, fully occupied by healthcare service provider The Lash Group.
Mahmood H. Alkooheji, the CEO of Mumtalakat, said: 鈥淭he American commercial real estate market has always been of interest, particularly due to its current positive economic outlook. We look favourably upon commercial property leased for the long term by reputable companies.鈥�
John H. Streicker, the chairman of Sentinel, said: 鈥淭he Lash Portfolio investment, with its notable combination of strong market fundamentals, an investment grade credit tenant and state-of-the-art construction quality, has all the attributes of a sound and profitable acquisition.
鈥淲e look forward to a continuing partnership with Mumtalakat in the future.鈥�
In February, Mumtalakat teamed up with Sentinel to buy Lenovo鈥檚 global headquarters in Raleigh-Durham, North Carolina from 90 North Real Estate Partners for $135.3m (鈧�118.2m).
Mumtalakat鈥檚 US real estate strategy, which includes partnerships, targets middle-market core-plus and light value-add investment opportunities in various subsectors including offices, industrial and multifamily.
