Bahrain's Investcorp adds $164m US acquisitions to real estate portfolio

Published: 24 February 2020 - 2:18 a.m.

Bahrain Bourse-listed investment management firm Investcorp, which provides and manages alternative investment products, has acquired two residential properties in South Florida, US, for approximately $164m.

The acquisition strengthens Investcorp’s US multifamily real estate portfolio and follows a highly active period of investment in multifamily properties.

Multifamily property portfolios currently represent the largest part of Investcorp’s global real estate platform, with an approximate value of $2.3bn.

Investcorp’s multifamily portfolios span across 15 markets, totalling 18 properties and more than 14,000 units.

Since inception, the value of Investcorp’s real estate investments have totalled over $18bn across more than 800 properties.

The acquisition of the two Class B, “for rent” apartment properties in South Florida provides Investcorp with a 95% occupied portfolio of 836 units.

The two properties feature recently renovated interiors, upgraded common areas with amenities, including clubhouses and pools. Both properties are located in neighbourhoods with a number of retail and entertainment attractions, and are in close proximity to downtown Fort Lauderdale and South Florida’s employment hubs.

Commenting on the acquisitions, the head of Gulf Institutional Clients Group at Investcorp, Yusef Al Yusef, said: “Over the last several years, we have been actively building our US multifamily real estate portfolio by targeting properties in strategic locations that enable us to capitalise on the secular trend toward renting rather than home ownership.”

Al Yusef added: “The purchase of these properties in the South Florida market aligns with our defined investment strategy of targeting strong cash flow generating assets that we believe are positioned to generate consistent returns while providing upside potential.”

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