Al Khabeer acquires prime US office property
Riyadh, August 26, 2014
Al Khabeer Capital, a Saudi-based asset management and investment firm, has joined hands with its investment partner USAA Real Estate Company to acquire Lake Pointe Center III and IV, a prime office property in Indianapolis, US.
This investment is the latest transaction of Alkhabeer US Real Estate Income Fund (Private Placement Fund) and third one along with its US partner, said the company in a statement.
Indianapolis is the thriving capital of the state of Indiana and the eleventh largest city in the US. It attracts high quality tenants willing to pay high rents due to its stable and diversified economy, superior infrastructure, great quality of life and relative low cost of living, the statement added.
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.
This office portfolio consists of two four-story buildings that are leased to a high quality tenant roaster comprising IT, medical, transportation and legal firms with four renowned blue chip tenants together leasing approximately two thirds of the space.
Alkhabeer executive director and CEO Ammar Shata 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," he added.
USAA Real Estate president & CEO Len O’Donnell said it was 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," he added.-TradeArabia News Service