9 Oct 2025

Transaction refinances properties in investment vehicle involving two leading sovereign wealth funds 

Investcorp, a leading global alternative investment firm, today announced that it has secured a $1 billion loan led by Morgan Stanley to refinance four U.S. industrial portfolios. The new capital leverages attractive debt market conditions while capitalizing on the strong performance of the underlying assets to enhance returns. 

Herb Myers, Global Head of Real Assets for Investcorp, stated, “Our ability to refinance these industrial portfolios is a testament to their strong performance to date, as well as the sustained tailwinds driving activity in our target markets. We continue to see robust tenant demand amidst fewer new deliveries. We will continue to capitalize on opportunities to invest in industrial assets that have similar characteristics.” 

The portfolios comprising the refinanced assets include: 

• A nearly 7-million-square-foot portfolio of 65 Class B industrial buildings in eight prime industrial markets across the United States; 

• A nearly 7-million-square-foot portfolio of 63 Class B industrial buildings in six high-growth U.S. markets; 

• A 220,000-square-foot, Class A light industrial business park spanning six buildings in the Phoenix MSA; and 

• A 170,000-square-foot, three-building Class A industrial park located in the Orlando MSA. 

According to Real Capital Analytics, Investcorp is one of the top five largest cross-border buyers of U.S. real estate over the past five years. 98% of the firm’s U.S. portfolio consists of industrial or residential properties. The Investcorp real estate team placed at number 42 on PERE’s 2025 PERE 100 list, one of the most prominent rankings of real estate equity investment managers in the industry, improving upon its ranking from number 51 in 2024.  

Since 1996, Investcorp has acquired approximately 1,500 properties for a total value of approximately $28 billion.