535-545 Boylston St., Boston535-545 Boylston St., Boston

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BOSTON—Manulife Investment Management has sold the mixed-use535-545 Boylston St. property in the Back Bay to a joint venture ofInvestcorp and New York City-based Brickmanfor $128 million.

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Newmark Knight Frank vice chairman Edward Maher, executivemanaging directors Matthew Pullen and James Tribble and directorSamantha Hallowell of NKF's Boston Capital Markets team oversaw thetransaction of the office/retail asset in conjunction with NKFexecutive managing director Jim Brady and senior managing directorJason Cameron.

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The 184,643 square-foot complex is presently 94% leased to a38-tenant roster and has recently benefitted from common areaupgrades and building improvements totaling nearly $5 million,according to Newmark Knight Frank.

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Investcorp's India Fund Raise

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In an unrelated matter, Bahrain-based Investcorp announced on Wednesday it hasraised $130 million in anchor commitments, which will primarilyprovide last mile funding in India, a market currently goingthrough a liquidity crunch.

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BAe Systems Pension Funds Investment Management Limited is thecornerstone investor for this initiative, which will focus onprojects in the affordable and mid-market housing segment in thetop seven cities in India and is subject to regulatory approvalsand registrations.

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Vikram Aggarwal, head of Private Markets, BAe Systems Pensionssaid, "We believe that the Indian affordable housing segmentrepresents a sizable and attractive market opportunity catalyzed byurbanization and structural reforms. BAe Systems is pleased to makea positive contribution to the development of affordable housing inIndia, where there is significant demand, but a lack ofinstitutional quality capital to fund projects."

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Investcorp manages more than $28 billion globally and at itscore is a mid-market specialist. The firm is an active investor inthe US and European real estate markets, targeting properties thatgenerate current cash flow and have potential for capitalappreciation through value-add initiatives, with annual transactionvolumes of approximately $2.5 billion per year. Since inception,Investcorp has invested in more than 765 properties totaling inexcess of US $18 billion.

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In India, the company's real estate business has deployed morethan $200 million through two funds across 27 residential projectslocated in the top tier cities.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.