By Joanne Bladd
Asset manager closes trio of real estate deals, growing US portfolio to 8 properties
Investcorp, the Bahrain asset management firm, said Sunday it had acquired three real estate assets in the United States, bringing its total property buys this year to $300m.
The deals span a seven-storey office complex in Long Beach, California and a $37m healthcare complex in Florida, the company said in an emailed statement.
The firm also bought a 221-unit garden and townhouse development composed of 15 residential buildings in Atlanta, Georgia, for an undisclosed price.
The acquisitions are the latest in a series of US investments for the Bahrain firm, which has closed eight real estate deals in the country this year.
Investcorp most recently bought the 176-room Residence Inn Manhattan Beach in Los Angeles in May, in a deal valued at $40m.
"With these three acquisitions, Investcorp's real estate team has invested approximately $300m in eight new real estate deals this year, adding to its portfolio of retail, office, residential hospitality and medical facilities," the company said.
In September, the alternative asset manager bought US kitchenware retailer Sur La Table, which operates 86 stores across the US. The value of the deal was not disclosed.
Investcorp had assets under management of $11.8bn as of June 30. Its net income for fiscal year 2011 rose 37 percent, helped by the profitable sale of some of its investment holdings, the company said in August.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.