Investcorp, the alternative asset manager that counts Mubadala Investment Company as its biggest shareholder, conducted real estate deals worth $4 billion in the US in 2021, tapping into demand for residential and industrial properties.
The company bought 200 properties valued at $2.5bn and sold properties worth $1.5bn in the world's largest economy, it said on Monday.
“The record level of activity within our North American real estate business in 2021 has created many opportunities to help drive Investcorp’s growth and retain its position as a top cross-border real estate buyer and seller in the US,” said executive chairman Mohammed Alardhi.
“Long before the pandemic, we perceived residential and industrial real estate investments to be one of the most recession-proof sectors, and this strategy has proven to be attractive given business and lifestyle changes, many of which were accelerated because of Covid-19.”
The Bahrain-based company invested $1bn of clients’ capital in US property last year and expanded its industrial holdings in the country to $3.5bn, comprising more than 425 buildings.
It also grew the value of its US residential assets to about $4.1bn across 18,000 multifamily units and 2,700 student housing beds.
“While we entered 2021 acutely aware of the short- and long-term changes Covid-19 could have on the real estate market, we have seen strong macroeconomic tailwinds inspiring continued optimism in these sectors,” said Michael O’Brien, Investcorp's co-head of real estate in North America.
“We remain bullish heading into 2022 and look forward to continuing to grow our platform.”
Since 1996, Investcorp has bought more than 1,000 properties worldwide, with a total value of more than $23bn.
The company aims to more than double its assets under management to $100bn in seven years' time, from $37.6bn as of June 30, 2021, Mr Alardhi told Bloomberg in September.
Investcorp also set up a new venture with two leading sovereign wealth funds to acquire industrial property assets in the US last year.
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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Source: Federal Office for the Protection of the Constitution
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
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Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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