Bahrain Mumtalakat Holding Company Purchases Stake in $200 million Office Portfolio
LOS ANGELES – Bahrain Mumtalakat Holding Company (“Mumtalakat”) formed a partnership with Regent Properties (“Regent”) through which Mumtalakat is acquiring an interest in an existing $200 million portfolio of high-quality commercial real estate assets in the United States currently managed by Regent (the “Portfolio”). The Portfolio is comprised of six (6) substantially leased, income-generating Class-A office buildings in the Phoenix, Arizona and Dallas, Texas MSA’s.
With this transaction, Mumtalakat will be joining existing Regent investors including: Blackrock, Inc., the world’s largest asset manager with over $4.5 Trillion in assets under management; Harvard Management Company, which manages Harvard University’s $38 Billion endowment and related financial assets; and CAM Capital, a private firm established to manage assets exclusively for entities related to Mr. Bruce Kovner and CAM Capital senior employees.
The Portfolio provides attractive cash yields and solid rent growth from strong credit tenants in a wide range of industries. It also offers geographic diversification in two of the most dynamic, growing and business-friendly markets in the United States. Both Phoenix and Dallas have, and continue to, experience strong and steady employment growth, and provide more compelling risk/return profiles than highly priced gateway markets.
Mr. Mahmood Hashim Alkooheji, Chief Executive Officer of Mumtalakat, said: “We are delighted to be partnering with Regent Properties. They have assembled a unique commercial real estate portfolio in markets that provide us with a very attractive risk/reward profile.”
Mr. Eric Fleiss, President of Regent Properties, said: “Regent is pleased to build a relationship with a well-regarded and highly entrepreneurial sovereign wealth fund such as Mumtalakat. We are honored to welcome them to our investor group and view their participation in this transaction as a vote of confidence for our real estate investment strategy and our management team.”
Saker Capital served as exclusive advisor to Regent Properties on this transaction.
About Saker Capital
Founded in 2005 and operating from its offices in Dubai, Los Angeles, and Seoul, Saker Capital is a real estate investment and advisory firm specializing in raising capital for proprietary commercial real estate investment opportunities on behalf of its USA and European owner/operator clients. Through it’s private equity division, Saker Capital provides an unbiased, aligned, direct investment platform for sourcing, managing and realizing value through their active, principled approach to real estate investment management.
About Regent Properties
Regent Properties, LLC and its principals have acquired, developed, financed and/or managed over $3 billion in real estate transactions nationally, encompassing more than 21 million square feet of retail, commercial, residential and mixed-use projects and 13,000 acres of master planned communities representing 31,000 lots. Regent’s assets under management as of December 31, 2015 totaled $1 billion.
About Bahrain Mumtalakat Holding Company (“Mumtalakat”)
Mumtalakat is a sovereign wealth fund of Kingdom of Bahrain which operates as an independent holding company mandated to grow the wealth of Bahrain through long-term investments based on sound financial, strategic and governance principles. Mumtalakat holds stakes in over 40 commercial enterprises, with a portfolio spanning a variety of sectors, including industrial manufacturing, financial services, telecommunications, real estate, logistics, consumer products and education.