Bahrain’s Investcorp has announced a $160m investment in industrial properties in Chicago and Boston.

The firm said the purchase includes six properties with an aggregate of roughly 1.8 million square feet of warehouse and distribution space.

It comprises three cold storage buildings in Chicago, bought in partnership with local cold storage owner and operator Bridge Development Partners and 1.1 million square feet of warehouse, distribution and flex space in Boston recapitalised through Condyne Capital Partners.

“Consumers are conducting more of their shopping online and they want deliveries faster than ever before. By acquiring warehouses close to major cities such as Chicago and Boston, we believe we will benefit from attractive market dynamics and see steady income growth as well as increasing asset valuations,” said Fahad Murad, managing director at Investcorp.

Investcorp previously purchased a four-building industrial portfolio in the Boston area in October 2016.

It also acquired three multi-family housing properties in the US in February for $400m.

Source: Gulf business