Alkhabeer Capital, USAA acquire office portfolio in US
Jeddah, August 25, 2014
Saudi Arabia-based Alkhabeer Capital, a leading asset management and investment firm, has acquired Lake Pointe Center III and IV, in association with its investment partner USAA Real Estate Company.
The investment is the latest transaction of Alkhabeer US Real Estate Income Fund (Private Placement Fund), said a statement.
The Lake Pointe Center III and IV is a 170,147 sq ft core and class A office portfolio, located in the Allison Pointe Office Park in Keystone, Indianapolis in the State of Indiana.
The office portfolio consists of two four-story buildings that are leased to a high quality tenant roaster comprised of IT, medical, transportation and legal firms with four renowned blue chip tenants together leasing approximately two thirds of the space.
Ammar Shata, Alkhabeer's executive director and CEO, said: "The joint acquisition of Lake Pointe III and IV adds substantially to our US fund's portfolio. Indianapolis is an economic powerhouse in the Midwest. It is an ideal city for us to invest in and its commercial real estate market is especially robust. A growing number of major employers are located in the city, and we have identified a significant upside in future rental growth."
Len O’Donnell, USAA Real Estate president and CEO, said: "It is a privilege to once again partner with Alkhabeer Capital on this exceptional investment opportunity. Within Indianapolis, Keystone is undoubtedly the premier commercial and real estate hub. Its strategic location links a highly educated workforce to exceptional retail, residential and commercial facilities - Lake Pointe provides an excellent opportunity to exploit these unique characteristics." - TradeArabia News Service