Bahrain: Mumtalakat to invest in $250m US property
The sovereign wealth fund has partnered with Regent Properties to acquire interest in commercial real estate across Phoenix, Arizona, and Dallas
Bahrain's sovereign wealth fund Mumtalakat has reportedly partnered with a real estate developer to acquire an interest in commercial properties in the US.
These assets, including office buildings in Phoenix, Arizona, and Dallas, have a total value of around $250m (BHD94.2m).
Mumtalakat has partnered with Regent Properties, and will invest alongside BlackRock, CAM Capital, and other endowments and pension funds, according to Arabian Business.
Remarking on the development, Mahmood Alkooheji, Mumtalakat's CEO, said: “[Regent Properties] has assembled a unique commercial real estate portfolio in markets that provide us with a very attractive risk/reward profile.
“This transaction, our third investment in the US in less than two years, is in line with our ongoing strategy to partner with reputable international businesses looking for growth capital with a long-term investment horizon."
The sovereign wealth fund reported $76.3m (BHD28.7m) as net profits for 2015.