Press Release – Property Funds World – 90 North kicks off 2018 with USD135m Lenovo HQ exit
90 North Real Estate Partners has completed the sale of Lenovo’s headquarter campus in North Carolina, US, for USD135,300,000.
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.