News

Mumtalakat purchases Lenovo office in US

Lenovo_logoBahrain’s sovereign wealth fund, Mumtalakat Holding Company, has partnered with US-based Sentinel Real Estate Investment Corporation to acquire the US campus of computer manufacturer Lenovo. The 28.3 km sq property in Raleigh-Durham, North Carolina is described as a class-A facility with “strong cash flows, attractive yields and solid rent growth” and will be leased back to Lenovo. "The real estate sector is a key component of our portfolio growth strategy, and the US real estate market is growing significantly,” said Mumtalakat chief executive Mahmood H Alkooheji. "In fact, Raleigh-Durham is one of the fastest growing markets in the US. The area has shown strong employment growth, at twice the national average over the past year, setting a new peak in total employment. "[Raleigh-Durham] also boasts a dynamic business climate and solid infrastructure with a growing economy, which makes it a very attractive market for us to invest in."  It is the Bahrain fund’s first joint venture with Sentinel whose chairman John H Steicker said that “cross-border alliances have growing importance as the world becomes more interconnected”. ©2018 fund global mena

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