Mumtalakat Holding Company , the sovereign wealth fund of the federal government of the Kingdom of Bahrain, recently announced the acquisition of an office campus in North Carolina in the US in partnership with Sentinel Real Estate Investment Corporation (Sentinel). The campus houses Lenovo’s US headquarters.
This will not be the first investment by the holding company in the united states. However, it will be its first joint venture with the New York based real estate investment management firm.
This acquisition will be completely leased to Lenovo. It will essentially prove to be an integral investment by Mumtalakat as the campus located in Research Triangle Park, in Raleigh-Durham, a 7,000-acre (28 sq km) scientific research park, the campus provides strong cash flows, attractive yields and solid rent growth.
Mahmood H. Alkooheji, CEO of Mumtalakat said regarding the latest investment, “Real estate is a key component of our portfolio growth strategy, and the US real estate market is growing significantly. In fact, Raleigh-Durham is one of the fastest growing markets in the US.”
“The area has shown strong employment growth, at twice the national average over the past year, setting a new peak in total employment. It also boasts a dynamic business climate and solid infrastructure with a growing economy, which makes it a very attractive market for us to invest in. With this transaction, the sector represents approximately 22% of our total portfolio companies.”
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