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Bahrain sovereign fund partners with Sentinel in US real estate


Bahrain Mumtalakat Holding Company (Mumtalakat), Bahrain’s sovereign wealth fund has acquired the office campus in Raleigh-Durham, North Carolina, in a joint venture with New York investment manager Sentinel Real Estate Investment Corporation (Sentinel).


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The Class A campus is fully leased to tech maven Lenovo, and is located in Research Triangle Park, a 7,000-acre scientific research park, housing over 250 companiesThe campus provides strong cash flows, attractive yields and solid rent growth, says the sovereign wealth fund.  Mahmood Alkooheji, Mumtalakat’s chief executive officer explains, “Real estate sector is a key component of our portfolio growth strategy, and the US real estate market is growing significantlyIn fact, Raleigh-Durham is one of the fastest growing markets in the USThe area has shown strong employment growth, at twice the national average over the past year, setting a new peak in total employmentIt also boasts a dynamic business climate and solid infrastructure with a growing economy, which makes it a very attractive market for us to invest inWith this transaction, the sector represents approximately 22% of our total portfolio companiesOur partnership with Sentinel is in line with our collaborative approach to investments for further diversification and growthIt furthers Mumtalakat’s real estate investment strategy by focusing on geographic diversification into high demand and developed markets across a broad range of income generating assets including commercial offices.” John Streicker, chairman of Sentinel, adds: “For the last decade and a half, Sentinel’s corporate strategy has been to align ourselves with sophisticated global investors We find that these cross-border alliances have growing importance as the world becomes more interconnected.” Login to post comments back to top Related News Tuesday, 06 February 2018 Macquarie to acquire real estate fund manager GLL Macquarie Infrastructure and Real Assets (MIRA), a division of the Macquarie Group, has acquired GLL Real Estate Partners (GLL), the… Read more... 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