ICP Capital Partners announces its first acquisition in the USA.
Within its geographic diversification, the ICP is looking on behalf of its clients for interesting investment opportunities outside of Europe, especially in the United States. The building we call Belcan Property after a single tenant is located in West Palm Beach County, Florida, approximately an hour drive north of Miami. West Palm Beach is a very lucrative location, and next to a great technical condition after a complete renovation, the building also offers an extraordinary number of parking spaces of – 300 spaces with a usable area of approximately 6,000 m2. The project is attractive due to the twelve-year lease agreement with Belcan, a world-class technology engineering company. Together with JP Morgan Chase’s profitable financing, this project is a stable and low-risk cash flow.
Another project within geographical diversification is the Seaward Landing project.
ICP Capital Partners managed to establish a close relationship with an experienced developer, Index Invest. Index Invest specializes in the construction of multi-generation residential complexes in the territory of Sweden and North America.
Through passive participation we entered the Seaward Landing project, where Index Invest acts as project manager. The intention is to build a multi-generation home with 45 units on the Florida Keys archipelago located 24 km south of the Florida coast. Completion of the construction is expected in autumn 2019. Units will be leased and the entire complex subsequently sold as a yield asset.
For ICP, this is an extraordinary opportunity to gain valuable experience from a strong local partner with a long tradition.
ICP entered into its third real estate project in the USA in September 2019. The City Centre residential development rental community will be a 136 unit Class A multifamily rental community located at the Southwest corner of PGA Boulevard and U.S. Highway 1.
This location offers convenient walkability to nearby restaurant, brewery, office, retail and grocery locations, and is also located in close proximity to a nearby private school. Ten percent of the units will be reserved for the workforce housing.
The development is managed by a well experienced local developer Eastwind Development Group represented by Mr. Jack Weir. The groundbreaking ceremony took place on March 2020 with attendance of local government representatives and press.
There will be a single four-story building that will be constructed over a ground level of parking for a total building height of five stories. Three sides of the building will surround a central courtyard with a spacious community swimming pool, deck
area and landscaping, while the fourth side will be the resident clubhouse. There will also be exterior surface parking.
The property should be built, rented and sold as a cash generating asset to the institutional investor within four years.