The buyer is Mumtalakat Holding Company, the Kingdom of Bahrain’s Sovereign Wealth Fund, in partnership with Sentinel Real Estate Investment Corporation.
The recently completed transaction – 90 North’s first in 2018 – involves the sale of multi-national technology firm Lenovo’s three headquarters buildings in Research Triangle Research Park (‘RTP’) in Raleigh, North Carolina. The park is a 28,000 sq m scientific research site, accommodating more than 250 companies and 50,000 employees.
90 North executed the sale in conjunction with its partner, Arzan Wealth (DIFC) Limited.
Nick Judd, Co-Founder and Head of Investment at 90 North, says: “We’re delighted that our first transaction of the year has resulted in another profitable exit for 90 North following on from a very active 2017. The Lenovo asset offers strong cash flows and solid rental growth, making it an attractive long-term asset.
“We applaud the efficiency and diligence of our Chicago office in executing the transaction, as well as our investment partners Arzan Wealth; we now aim to capitalise on this strong start to the year as execute our other transactions across the geographic spectrum.