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Bahrain’s Arcapita acquires Cleveland portfolio of US industrial properties

Bahrain - November 28, 2018

Arcapita, a Bahrain-based Shari’ah-compliant alternative investment firm, has acquired a seven-property industrial real estate portfolio in Cleveland, Ohio.

The Cleveland portfolio comprises 655,000 square feet of industrial assets within the metropolitan area and is occupied by a range of tenants operating in the logistics, technology, and assembly space.

Arcapita said it has partnered with Weston, an Ohio-based real estate owner-operator, with a strong history in Cleveland and the wider Midwest.

According to a statement, Weston will maintain a joint-venture investment in the portfolio and will serve as the leasing and managing agent.

The acquisition is part of Arcapita’s broader US industrial real estate strategy targeting quality assets within the last mile and light industrial sub-sectors, with locations close to major population centres that enjoy strong consumer demand and developed supply chain infrastructures.

Atif Abdulmalik, Arcapita’s CEO said that they have a strong track record in the industrial warehousing sector, having overseen $2 billion of industrial real estate transactions in the US and Asia. They previously managed and successfully exited five industrial portfolios comprising over 100 properties, including a $1.4 billion IPO.

Expanding their US real estate footprint is a key pillar of their growth strategy, and he is pleased with the progress their US team has achieved in building their industrial portfolio. They have good momentum and are excited to expand their portfolio in the sector with additional acquisitions in the months to come.

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