Investcorp acquires three US assets

Dubai: Bahrain-based Investcorp has acquired three major properties in the US, bringing its real estate investments to $300 million (Dh1,1 billion) this year, the asset management company announced yesterday.

GCC investors are increasingly capitalising on distressed assets in the US and Europe where the economic crisis has left companies struggling with liquidity, analysts said.

Investcorp has just closed on its purchase of the seven-storey Park Tower office complex in Long Beach, California, for an undisclosed price. This follows Investcorp's $37-million acquisition of the Bethesda Health City building in Boynton Beach, Florida, and the Ashford, a 221-unit garden and townhouse community comprising 15 residential buildings located in Atlanta, Georgia.

"Despite the difficult economic conditions, Investcorp continues to secure investments with potential outperforming returns driven by its focus on strong fundamentals and concrete knowledge of the US real estate market," said Khalid Al Rumaihi, Managing Director of Investcorp and regional head for the United Arab Emirates. "These three Sharia-compliant US properties form a great addition to the mix of investments in our real estate portfolio given their solid and stable tenancy record and excellent locations within urban communities."

The three properties, acquired through Sharia-compliant structures, underline the company's focus on high yielding assets, Investcorp said in a statement.