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Mon 25 Nov 2013 02:24 PM

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Bahrain's Investcorp inks $270m deal for US assets

Private equity firm strikes agreements for residential properties in Chicago, Austin and Las Vegas

Bahrain's Investcorp inks $270m deal for US assets

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.

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