By Andy Sambidge
Private equity firm strikes agreements for residential properties in Chicago, Austin and Las Vegas
Bahrain-based private equity firm Investcorp said on Monday it has acquired $270 million of real estate assets in the United States.
The firm, which specialises in alternative investment assets, said in a statement it had struck agreements for a portfolio of residential properties in the greater metropolitan areas of Chicago, Austin and Las Vegas.
The properties, which were acquired for approximately $270 million, follow Investcorp’s recent announcement of its acquisition of a group of US office and retail properties valued at $250 million.
Mohammed Al-Shroogi, president of Gulf Business at Investcorp said: “These recent residential acquisitions are consistent with our strategy of targeting high quality assets and what we believe are attractive yields in addition to the potential for near and long-term upside through operating improvements and renovations.”
Since the fourth quarter of 2012, Investcorp’s activities include investments in properties collectively valued at approximately $925 million, it said.
Investcorp currently has more than $4 billion of property and real estate debt funds under management.
The properties acquired consist of approximately 3,000 units and have a combined average occupancy rate of approximately 95 percent, the company added.
The new assets include the University Village & University Estates, Austin, Texas, Eagle Crest Apartments, Las Vegas, Nevada and the Chicago Multi-Family Portfolio, Illinois.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.