Houston-based Welcome Group, a company that owns more than 85 industrial buildings in Texas, has scored a deal for US$300 million in growth capital from Almanac Realty Investors, so as to boost its real estate portfolio inside and outside of the state. The agreement; however, is expected to last seven years.
“It’s a game changer for us,” said Welcome Group Chairman Welcome Wilson Sr.
The investment will ultimately allow Welcome Group to expand the value of its acquisitions, industrial and office properties to more than US$1 billion in the coming years. In addition, the firm plans to add properties in Florida, Baton Rouge, Atlanta, and Louisiana.
“Welcome Group is an established organization with a strong investment track record. The leadership team has significant experience in the industrial and office space and is well positioned to execute on the growth strategy,” explained David Haltiner, Almanac’s managing director.
Almanac Realty Investors will receive an undisclosed stake in the Houston-based company, which currently holds US$450 million in assets.