Bahrain’s Investcorp acquires two US properties for $164m

Bahrain investment firm Investcorp has acquired two residential properties in South Florida for $164m.

The most recent acquisition has made it the second-largest international acquirer of US multifamily properties in 2019, according to Real Capital Analytics.

The acquisition comes a few months after it announced in June last year that it had acquired 11 US properties for $370m – its largest American real estate portfolio acquisition in the last decade.

Read: Bahrain’s Investcorp posts 17% drop in half-yearly net profit

Multifamily property portfolios currently represent the largest part of Investcorp’s global real estate platform with an approximate value of $2.3bn.

Investcorp’s multifamily portfolios span across 15 markets totalling 18 properties and more than 14,000 units.

Since its inception, the value of Investcorp’s real estate investments has totalled over $18bn across more than 800 properties.

Investcorp, who counts Mubadala Investment Company as its biggest shareholder, revealed in August last year that its net profit rose 5 per cent to $131m, and fee income climbed 17 per cent.

Read: Bahrain’s Investcorp acquires 11 US properties for $370m

However, in February this year, it reported a 17 per cent drop in H1 FY20 net profit, reporting a net income of $48m compared to $58m for H1 FY19.

The firm’s assets under management increased by $3bn to $31.1bn during the same period.

Commenting on the South Florida property acquisition, Yusef Al Yusef, head of Gulf Institutional Clients Group at Investcorp, said, “The purchase of these properties in the attractive South Florida market aligns with our defined investment strategy of targeting strong cash flow generating assets that we believe are positioned to generate consistent returns while providing upside potential.”