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Tue 26 Feb 2008 12:42 PM

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Arcapita buys US storage firm for $451mn

Portable On-Demand Storage has further market opportunity, chief exec says.

Bahraini Islamic investment bank Arcapita said on Tuesday it had completed a deal to buy US storage firm Portable On-Demand Storage (PODS) for $451.4 million.

"We believe that there is a considerable further market opportunity for development of the company [PODS]... it is positioned to perform well throughout the economic cycle," the lender's chief executive, Atif Abdulmalik, said in a statement.

Abdulmalik, whose firm owns Northern Ireland utility Viridian Group, told newswire Reuters earlier this month Arcapita was looking at investing in the US residential real estate sector after prices were hit by the mortgage crisis.

PODS and its subsidiaries operate 16 company-owned locations and have 129 franchise locations operating in the US, Australia and Canada. The company's combined annual revenue is estimated at more than $40 billion, Arcapita said in the statement.

Arcapita said on February 19 it had agreed to sell TLC Health Care Services to Amedisys for $395 million. (Reuters)

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