Investcorp has bought five residential properties in the US states of Florida and Minnesota for about $220 million as the Bahrain-listed alternative investment firm expands its US footprint.
The acquisitions, which are part of the company’s strategy to invest in high-yield real estate assets, include three student housing properties in Boca Raton, Florida and residential properties in Minneapolis, Minnesota, the company said .
“All of these acquisitions are in major metropolitan US cities and are aligned with Investcorp’s strategy of targeting quality properties with high occupancy rates,” said Mohamed Sammakia, managing director at Investcorp for the UAE. “In the past year, Investcorp has deployed approximately $1.5 billion in US real estate and we look forward to capturing new opportunities in the region.”
Last month, Investcorp said it had paid $180 million to buy an office building in Washington DC.
Since 1996, Investcorp has completed more than 400 property investments with a total value of more than $13bn.
The Manama-based firm posted a 12 per cent increase in its net profit to $50.9m in its fiscal first half that ended December 31, 2015 from $45.3m in a year-earlier period.
dalsaadi@thenational.ae
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