Investcorp Capital, an Abu Dhabi-listed asset manager, said it invested $200 million in US real estate assets as it looks to grow its portfolio of investments in the world’s leading economy.
The three newly acquired properties reflect the company’s “growing conviction” in the senior living and multi-family segments as market conditions in the US continue to improve, the company said in a statement on Tuesday.
The portfolio of properties comprises a multi-family and two senior housing properties, which collectively recorded average occupancy of about 94 per cent as of the end of last year.
The two senior living properties – 148 homes in California, and a 116 home property in New York – come on the back of Investcorp Capital’s recent acquisition of a 140-home senior living community in Boston, the company said.
However, the multi-family property in New Jersey is the company's first direct acquisition in the sector, it added.
“This investment reflects our continued focus on deploying capital across alternative assets into high-quality opportunities that can deliver strong, consistent returns over time,” Sana Khater, chief executive of Investcorp Capital, said.
“By investing in areas supported by long-term demand, while also taking advantage of attractive opportunities as markets recover, we are building a resilient and well-diversified portfolio.”
The company’s investment approach “remains disciplined” as it continues to focus on generating sustainable income and long-term value for the shareholders, she added.
Investcorp Capital is a unit of Manama-based Investcorp, which is backed by Mubadala Investment Company and is known for its early shareholding in Tiffany & Co and Gucci. It invests in assets including private equity, credit and real estate in deals to generate recurring income, dividends, rents, fees and interest income.
With more than $62 billion in assets under management, Investcorp has operations across the US, Europe, the Gulf and Asia.
Set up in 1982, the company, which maintained a brisk pace of acquisition through the Covid-19 pandemic to capitalise on lower asset valuations, has continued its aggressive portfolio expansion.
The company raised more than $1.25 billion from its second general partner staking fund in March, which it said at the time would be used to acquire more stakes in private markets.
Investcorp aims to raise as much as $7 billion in new funding and make exits and distribution to investors of a similar amount in the current fiscal year, its chief investment officer, Rishi Kapoor told The National in October.
