Investcorp buys three US real estate assets for $100M

Investcorp buys three US real estate assets for $100M

Bahrain-based Investcorp has acquired three real estate assets in the United States for around $100 million, a source familiar to the matter said, bringing its total property buys this year to $300 million.

November 20, 2011 11:22 by Reuters

The property purchases include an office complex in Long Beach, California and a $37 million acquisition of the Bethesda Health City building in Boynton Beach,Florida, Investcorp said in a statement. The firm also bought a 221-unit garden and townhouse complex composed of 15 residential buildings located in Atlanta,Georgia.

With the latest deals, alternative asset manager has completed eight acquisitions in the real estate market in the U.S. so far this year, it said in the statement.

“With these three acquisitions, Investcorp’s real estate team has invested approximately $300 million in eight new real estate deals this year, adding to its portfolio of retail, office, residential hospitality and medical facilities,” the company said.

Investcorp had assets under management of $11.8 billion as of June 30. Its net income for fiscal year 2011 rose 37 percent, helped by the profitable sale of some of its investment holdings, the company said in August. (Reporting by Mirna Sleiman, Writing by Dinesh Nair)