Bisnow: Welcome Group Gets $300M Infusion To Expand Industrial, Office Investment
By: Tierra Smith, Bisnow HoustonJanuary 22, 2019
BoyarMiller represented Houston-based Welcome Group in this highly complex capital transaction. We’re honored to work with this family-based business as they continue to build their portfolio, and their legacy in Houston.
From this Bisnow article:
A longtime family-owned business has secured a new source of funds to expand its portfolio inside and outside of Texas.
Houston-based Welcome Group signed an agreement for up to $300M in growth capital from an investment fund managed by New York-based Almanac Realty Investors. The funds will allow Welcome Group to expand its investment activity focused on acquisitions, build-to-suits, value-add and spec development of industrial and office properties, Welcome Wilson Jr. said in a release.
Welcome Group owns 4M SF of manufacturing and industrial facilities worth more than $450M in 87 locations, but Wilson Sr. said he wanted to own more than $1B in assets. This partnership will help the company get closer to that goal. The timing may be ideal as industrial remains one of the hottest property types in Houston and office is primed to make a steady recovery.