Investcorp Capital plc (the “Company” or “Investcorp Capital”) (ADX symbol: “ICAP”), an investor in private markets and alternative investment opportunities, is pleased to announce the sale of its U.S. National I Portfolio (the “Portfolio”).

Highlights

• The Portfolio spans six investments across six states and 2.3 million square feet, for an aggregate sale price of $360 million – an approximate 40% increase over its initial purchase price of ~$262 million less than four years ago.
• The Portfolio was sold to take advantage of the robust industrial capital markets and strong property operating fundamentals over its hold period.
• Returns for the Portfolio from acquisition in March 2021 are estimated to be 12% Internal Rate of Return (IRR) and a 1.4x Multiple on Invested Capital (MOIC), above projections of 8.5%.

The sold portfolio investments included:

• Tempe Commerce Park: ~536,000 square feet across 5 buildings
• Minneapolis Industrial Portfolio: ~616,000 square feet across 16 buildings
• Florida Industrial Portfolio: ~512,000 square feet across 13 buildings
• California Industrial Portfolio: ~303,000 square feet in one building
• New Jersey Industrial Portfolio: ~174,000 square feet across 3 buildings
• Nevada Industrial Portfolio: ~165,000 square feet in one building

Commenting on the transaction, Interim Chief Executive Officer, Mohamed Aamer, said:

“We are pleased to have capitalized on the attractive exit opportunities in the industrial real estate asset class. Our priority is to invest in opportunities to provide the best possible returns for shareholders. The continued prevalence of e-commerce, along with limited levels of new supply in the US, have contributed to significant growth for the industrial sector over the past five-plus years, validating the strength of our investment thesis. We continue to see further opportunities within the sector.”

Properties in the Portfolio reside in top industrial submarkets with resilient demand. The assets boast diversified rent rolls and have continued to experience strong rental growth over the last few years despite rising interest rates. This showcases the Company’s ability to add long-term value despite fluctuating economic environments.