Morgan Stanley Provides $1B Balance Sheet Loan for U.S. Industrial Refi

Investcorp, a global commercial real estate investment firm, has secured $1 billion to refinance four U.S. industrial portfolios that together exceed 14 million square feet, Commercial Observer can first report. 

Morgan Stanley provided the $1 billion balance sheet loan. No broker was listed on the transaction.  

Herb Myers, global head of real assets for Investcorp, said in a statement that the refinancing comes after the properties across the portfolio have delivered “strong performance to date” as the U.S. industrial sector continues to experience “sustained tailwinds driving activity in our target markets.”

“We continue to see robust tenant demand amidst fewer new deliveries,” he said. “We will continue to capitalize on opportunities to invest in industrial assets that have similar characteristics.”

The four portfolios include one spanning nearly 7 million square feet across 65 Class B industrial complexes in eight U.S. markets; another with 7 million square feet over 63 assets in six U.S. markets; a 220,000-square-foot, Class A light industrial park that comprises six buildings in the Phoenix area; and a 170,000-square-foot, Class A industrial park with three buildings in Orlando. 

Investcorp began investing in 1996 and has accumulated a CRE portfolio of roughly 1,500 properties holding a value of $28 billion. Some 98 percent of the assets are either industrial or residential properties, according to the firm. 

Real Capital Analytics has previously reported that the firm is among the top five largest cross-border buyers of U.S. real estate since 2020. 

Brian Pascus can be reached at bpascus@commericalobserver.com.