Mumtalakat buys office buildings in US

Bahrain Mumtalakat Holding Company, the sovereign wealth fund of Bahrain, announced yesterday its acquisition of 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.

This follows the February 2018 Mumtalakat’s acquisition alongside other strategic investors of Lenovo Global Headquarters in Raleigh-Durham, North Carolina. The 421,863 square foot (39,192 square meters) 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.

Founded in 1986, The Lash Group designs develops and implements support programmes for healthcare providers and pharmaceutical manufacturers. It is a subsidiary of AmerisourceBergen Corporation (NYSE: ABC), one of the largest pharmaceutical services companies in the USA, which currently ranks 12th on the Fortune 500 list and is rated A- by Standard & Poor’s.

Commenting on the acquisition, Mahmood H. Alkooheji, Chief Executive Officer of Mumtalakat explained, “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 per cent over the last year.”