Bahrain's Mumtalakat acquires 28km<sup>2</sup> Lenovo office in US
The Class-A facility in Raleigh-Durham, North Carolina, is fully leased to Lenovo, is said to generate "strong cash flows, attractive yields, and solid rent growth"
Bahrain Mumtalakat Holding Company has acquired technology giant Lenovo's office campus in the US.
Mumtalakat, the sovereign wealth fund of Bahrain, entered a joint venture (JV) agreement with Sentinel Real Estate Investment Corporation to acquire the property, which is a Class-A facility in Raleigh-Durham, North Carolina.
Located in Research Triangle Park, the 28.3km2 building, fully leased to Lenovo, is said to generate "strong cash flows, attractive yields, and solid rent growth".
The JV marks Mumtalakat's first with Sentinel, a New York-based real estate management company.
Commenting on the development, Mahmood H Alkooheji, chief executive officer of Mumtalakat, said: "The real estate sector 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."
John H Steicker, chairman of Sentinel, added: "We are very pleased to be venturing with Mumtalakat on this first joint acquisition.
"The stable, long-term growth exhibited by the [Raleigh-Durham] region bodes well for this exceptional property.
"We find that cross-border alliances have growing importance as the world becomes more interconnected."