HOUSTON – (Realty News Report) – Kamco Investment Co., a major Kuwaiti asset manager, has completed significant investment in Houston real estate, which has attracted a number of large foreign investors over the years.
Kamco Investment partnered with Northridge Capital, based in Washington, DC, to acquire the new HP Plaza, a 378,000-SF office development in Springwoods Village development north of Houston.
“We are excited to partner with Northridge Capital and HP, Inc. on this highly desirable asset located in what we believe will be the most dynamic mixed-use environment in Houston. We are especially thrilled that the property is 100% powered by renewable energy sources and is strategically located at the confluence of the I-45 and the Grand Parkway. This acquisition is in line with Kamco’s commitment towards scaling its real estate portfolio through diversified assets,” said Mohammad Al-Othman, Senior Vice President and Head of the Alternative Investments Department at Kamco.
Kamco is one of the leading investment firms in the Persian Gulf region in terms of assets under management and is regulated by the Capital Markets Authority. Established in 1998 and listed on the Boursa Kuwait in 2003, Kamco is a subsidiary of United Gulf Bank.
The HP Plaza, a two-building campus completed in November of 2018.
HFF’s Chris Hew and Cary Abod worked on behalf of Northridge Capital to secure a fixed-rate acquisition loan through Apollo Global Management, which provided the loan on behalf of Athene Holding.
HP Plaza, a new office development, has been acquired.
HP Plaza was developed by Houston-based Patrinely Group for HP Inc., which occupies 100 percent of the space in a long-term lease. The seller of the HP office properties was a joint venture of Patrinely Group, USAA Real Estate, and CDC Houston. HFF’s Trent Agnew and Jeff Hollinden represented the JV in the sale.
Springwoods Village mixed-use project in northernmost Harris County near the Grand Parkway. When fully complete Springwoods Village will include 4 million SF of Class A office space, hotels, retail, multifamily and a relatively small number of single-family homes.
Springwood Village was a long-term investment for CDC Houston, part of Coventry Development, which had owned the property for decades. A few years ago Exxon Mobil bought 385 acres and built 3 million-SF corporate campus.
April 29, 2019 Realty News Report Copyright 2019