Bahrain: Investcorp, the Bahrain-based alternative investment company,

Investcorp, the Bahrain-based alternative investment company, has announced that its US real estate arm has acquired a portfolio of office and industrial properties in Atlanta, San Francisco and Boston for about $400 million.

The acquisitions are part of Investcorp's strategy to invest in well-occupied properties with healthy cash flows located in major US markets displaying strong economic fundamentals and employment increase, the company said in a statement.

Investcorp said it partnered with several local and regional operating partners to acquire the properties. The properties acquired total additional than 5.5 million square feet with an average occupancy rate of approximately 85 %.

Investcorp added that it plans to add price to the properties through upgrades, renovations and capital investment .

Mohammed Al-Shroogi, Investcorp's co-CEO, said: "Atlanta, San Francisco, and Boston are top business destinations with some of the majority compelling job and rental increase stories of recent years.

"All of the properties in this portfolio are well-occupied with strong, stable cash flows and diversified tenant bases, and thus are well aligned with our investment strategy of working with local operating partners to add price to properties that by presently provide an attractive current yield."

Fahad Murad, managing director at Investcorp for Bahrain, added: "In the last twelve months, Investcorp's total US real estate acquisitions have exceeded $1.1 billion, further enhancing our extensive experience in real estate investments. These acquisitions perfectly reflect our strategy and we think they are a great addition to our real estate portfolio in the US."

Since 1996, Investcorp said it has completed close to 350 property investments totaling additional than $12.5 billion in price.