Bahrain's Investcorp closes $370m purchase of American real estate

Bahrain's Investcorp closes $370m purchase of American real estate
Investcorp has purchased has acquired property in Philadelphia.
Published: 11 June 2019 - 12:30 p.m.

Bahrain Bourse-listed investment management firm Investcorp has acquired 11 multifamily properties in the US, comprising 2,615 units worth $370m (BHD139.5m), in what has been termed the company’s highest American real estate portfolio purchase in a decade.

The Manama-headquartered company partnered with an affiliate of Philadelphia-based real estate fund operator, Equus Capital Partners, for the deal.

Madison Apartment Group, the management associate of Equus Capital Group, was appointed as onsite property manager for the newly acquired properties.

Investcorp said in a bourse statement that the 11 properties were located in six major metro areas, including Orlando, Tampa, Raleigh, Atlanta, Philadelphia, and St Louis.

Commenting on the development, executive chairman of Investcorp, Mohammed Alardhi, said the acquisition was in line with the firm's long-term strategy to secure assets under management worth $50bn (BHD18.8bn).

Investcorp has acquired more than 600 properties worth $16bn (BHD6bn) since 1996.

Principal of real estate investment at Investcorp, Michael Moriarty, said the firm's investments had increased in US multifamily properties owing to their well-performing and high-liquidity qualities.

Click here to add your comment

Please add your comment below
Your email address will not be published