Bahrain: Investcorp acquires five US properties
The firm's real estate investments span industrial, commercial and residential properties within the top 30 largest markets in the US
Bahraini investment firm Investcorp announced that its US-based real estate arm, through two separate transactions, has acquired five residential properties in Boca Raton, Florida and Minneapolis, Minnesota for $220m.
The acquisitions are consistent with Investcorp's strategy to invest in desirable, high quality properties located in high demand markets providing attractive cash yields.
The Boca Raton properties comprise three student housing properties in Boca Raton, FL.
With 892 beds and a 98% occupancy rates, these properties are the only off-campus, purpose-built, student housing facilities in the nearby area.
The residential properties located in the suburbs of Minneapolis, MN comprise two multifamily apartment properties with 854 units and an average occupancy rate of 95%.
Yasser Bajsair, managing director at Investcorp in Saudi Arabia, said, "Investcorp is continuing to grow its US real estate presence and we believe these properties are an exciting addition to our existing portfolio."
"The US rental market is increasingly important as the rate of home ownership in the US continues to decline and we believe these properties are based in high demand markets and have strong occupancy rates."
Investcorp's total real estate acquisitions in the last twelve months total approximately $1.5bn.
In the last twenty years, Investcorp has completed over 400 property investments totaling more than $13bn in value.
The firm's real estate investments span industrial, commercial and residential properties within the top 30 largest markets in the US, including the recent acquisition of a prime office building in Washington DC, an industrial portfolio in Atlanta and office buildings in the submarkets of Atlanta, San Francisco and Boston.