Bahrain’s Investcorp acquires eight properties in the US for $330m

Bahrain-based investment firm Investcorp announced that its US-based real estate investment team has acquired eight new multifamily properties for $300m.

The portfolio includes 2,510 units with the properties spread across five states including North Carolina, Georgia, Florida, Arizona and Texas.

All the properties within this portfolio are “garden style” Class B apartment communities in locations where Investcorp “believes there are strong market dynamics”, the company said in a statement.

“Since inception, Investcorp has been one of the most active foreign investors in US real estate,” said Hazem Ben-Gacem, co-CEO of Investcorp.

“These acquisitions are consistent with the firm’s strategy to invest in high-quality properties with a promising outlook in key US cities.

“We are bullish on the US property market and are eager to scope out more opportunities like these in the coming period.”

Investcorp’s New York-based real estate team is an active investor in US commercial and residential real estate equity and high-yield debt.

Since 1996, the company has acquired more than 550 properties for a total value of more than $15bn.

Across the US, Investcorp targets existing logistics, multifamily and office properties located primarily in the largest 40 metropolitan areas with a focus on mid-market core and core-plus investment opportunities.

In September, the company announced its acquisition of a US industrial real estate portfolio worth approximately $300m. The properties included warehouses/buildings in Minneapolis, Dallas, Chicago, Philadelphia, Delaware, Phoenix, Houston and San Antonio.

Read: Bahrain’s Investcorp acquires $300m of US warehouses

Timothy Mattar, head of Placement and Relationship Management at Investcorp, said: “The US real estate sector remains an attractive market for Investcorp and a highly demanded asset class for clients looking for more predictable cash flow.”

Last week, Bahrain-listed Investcorp reported a 5 per cent rise in first-half net profit rose to reach $58m. Profits were boosted by higher fee income, the company said.

Read: Higher fee income helps profits rise at Bahrain’s Investcorp