Bahrain-listed private equity and alternative asset manager Investcorp said on Tuesday it sold eight multifamily properties in the US to multiple buyers for more than $900 million.
The garden and townhome-style apartment buildings were located in major metropolitan areas in Arizona, California, Florida and New York, Investcorp said.
“The sales are a testament to our ability to consistently execute on our investment thesis to target strong cash flow-generating assets with opportunities for further capital appreciation through active, hands-on management,” Khulood Ebrahim, real estate product specialist at Investcorp, said.
Investcorp acquired the assets in 2016 and 2017 and increased average monthly revenue per unit by about 20 per cent, through amenity upgrades and interior unit renovations.
“We are pleased with the outcome of these investments and we remain focused on identifying additional properties that generate solid cash flows and offer further potential upside,” Tarek AlMahjoub, head of UAE and Oman for Investcorp’s private wealth division, said.
Investcorp has been actively investing in the US and Europe, snapping up residential property as well as industrial warehouses with total investments of about $6 billion. It invested about $5bn in the US market and $1bn in Europe.
The company, which counts Mubadala Investment Company as its biggest shareholder, is looking to spend about $4bn in buying residential property and warehouses in the US and Europe over the next two years, Jon Dracos, head of real estate investment at Investcorp told The National earlier this month.
With a presence in 12 countries across the US, Europe, the GCC and Asia, Investcorp Group has $32.2bn of assets under management.
Last month, the asset manager acquired 32 industrial properties in the US for more than $280m, growing its industrial real estate portfolio to about $2bn.
Since its inception in 1996, Investcorp’s global real estate investments have totalled about $18bn in over 800 properties across the US, Europe and India.
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Anonymous, Penguin Books
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
UAE currency: the story behind the money in your pockets
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Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
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Transmission: Single-speed automatic
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On sale: Now
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Specs
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UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures:
Monday, 1st 50-over match
Wednesday, 2nd 50-over match
Thursday, 3rd 50-over match
ABU DHABI ORDER OF PLAY
Starting at 10am:
Daria Kasatkina v Qiang Wang
Veronika Kudermetova v Annet Kontaveit (10)
Maria Sakkari (9) v Anastasia Potapova
Anastasia Pavlyuchenkova v Ons Jabeur (15)
Donna Vekic (16) v Bernarda Pera
Ekaterina Alexandrova v Zarina Diyas
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
The specs: 2019 BMW X4
Price, base / as tested: Dh276,675 / Dh346,800
Engine: 3.0-litre turbocharged in-line six-cylinder
Transmission: Eight-speed automatic
Power: 354hp @ 5,500rpm
Torque: 500Nm @ 1,550rpm
Fuel economy, combined: 9.0L / 100km
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