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Tue 3 Jul 2007 12:11 AM

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Investcorp in $875mn Seattle deal

Bahraini investment bank partners US firm for Washington real estate project.

Gulf Arab investment bank Investcorp said on Monday it would develop an $875 million real estate project near Seattle, Washington, with U.S. developer Schnitzer West.

Investcorp, based in the Gulf state of Bahrain, would provide most of the equity for the commercial, retail and residential project, which will span 1.6 million square feet (149,000 square metres), it said in a statement on Monday.

Investcorp, which has focused on investing Gulf Arab wealth in the West, said in May it had acquired nine U.S. hotels for $450 million, including Marriott and Hilton properties.

In June, the firm said it raised $620 million for its first private equity fund for investors outside the Gulf Arab region.

The investment bank also said in June it had bought Danish roofing firm Icopal for 850 million euros ($1.1 billion).