Investcorp acquires eight US properties for $330m as it expands its portfolio
The multi-family properties include 2,510 units located in five metro areas in North Carolina, Georgia, Florida, Arizona and Texas
Investcorp, the Bahrain-based firm that counts Mubadala Investment Company as its biggest shareholder, acquired eight properties in the United States with a total price of $330 million (Dh1.21 billion) as it continues to expand its real estate portfolio in the country.
The multi-family properties include 2,510 units located in five metro areas in North Carolina, Georgia, Florida, Arizona and Texas, Investcorp said in a statement on Tuesday.
“These acquisitions are consistent with the firm’s strategy to invest in high-quality properties with a promising outlook in key US cities,” said Hazem Ben-Gacem, co-chief executive Investcorp. “We are bullish on the US property market and are eager to scope out more opportunities like these in the coming period, to build on our successful track record to date.”
Since 1996, Investcorp has acquired more than 550 properties for a total value of more than $15bn. Across the US, the company focuses on investing in existing logistics, multifamily and office properties located mainly in the largest 40 metropolitan areas, the statement added.
Investcorp, in which Mubadala has a 20 per cent stake, has been snapping up investments this year as it seeks to double its assets under management to $50 billion from $22.5bn at the end of December.
The company bought a controlling stake in US technology talent development company Revature for an undisclosed sum, it said on Monday. This month, it said it will acquire a majority stake in Cambio Healthcare Systems based in Stockholm for an undisclosed sum.
In January, Investcorp acquired US company Health Plus Management for another undisclosed sum and signed a deal with London's Coller Capital for some of its European private equity portfolio assets that will help to create a new $1bn buyout fund.
Investcorp reported a 5 per cent rise in its first half-year profits, boosted by an increase in fee income from assets under management and lower operating expenses. Net income for the six-month period of the company's fiscal year ending December 31 rose to $58 million.
Since its inception in 1982, the company has made more than 185 investments in the US, Europe and the broader Middle East and North Africa region, including Turkey. Investcorp has invested across a range of sectors with the total transaction value exceeding $59bn.
Updated: February 12, 2019 11:50 AM