Mumtalakat increases US interests in partnership with Sentinel
The real estate acquisition is Mumtalakat’s second US investment in 2018
Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of the Kingdom of Bahrain, has acquired office buildings in Charlotte, North Carolina Metropolitan Area.
The transaction marks Mumtalakat’s second investment in the United States commercial real estate market this year in partnership with Sentinel Real Estate Investment Corporation (Sentinel).
This follows Mumtalakat’s acquisition alongside other strategic investors of Lenovo Global Headquarters in Raleigh-Durham, North Carolina in February.
The 3.9ha property consists of two Leed Silver-certified newly-constructed buildings, which are fully occupied by The Lash Group, a leading pharmaceutical and healthcare service provider.
Commenting on the acquisition, Mahmood H. Alkooheji, chief executive officer of Mumtalakat, explained, “The American commercial real estate market has always been of interest, particularly due to its current positive economic outlook. We look favourably upon commercial property leased for the long term by reputable companies.
“A highly desirable destination for businesses and job seekers, Charlotte is the fourth fastest growing large city in the US and is ranked sixth in the country for its employment growth, which rose by 2.8% over the last year. At the same time, our partnership with Sentinel is successful due to our shared commitment to best practices. We are confident that through this collaboration, we will achieve our growth objectives,” he added.
John H. Streicker, chairman of Sentinel, added: “The Mumtalakat and Sentinel investment teams function well together with a high degree of respect and cooperation, giving us the ability to act quickly and reliably in this competitive environment. Where there are competing buyers, as was the case here, it is important that the market recognises both Mumtalakat and Sentinel as skillful and dependable real estate professionals.”