Investcorp of Bahrain acquires $311m worth of property in US

Investcorp, the Bahrain company that counts Mubadala Investment Company as its biggest shareholder, has acquired $311 million (Dh1.14 billion) worth of multi-family property in the United States.

The acquisition, totalling 2,876 units in three major cities – Tampa, Houston and Salt Lake City – brings the company’s total US multi-family property portfolio to 13,000, the company said yesterday. The Manama-listed firm has acquired more than 3,400 multi-family units in key US cities over the past 12 months.

“The high occupancy rates of these property types, together with the positive outlook for the multi-family sector makes these six properties a natural fit to our existing portfolio of residential properties,” said Hazem Ben-Gacem, cochief executive of Investcorp.

Investcorp, in which Mubadala has a 20 per cent stake, has been on an acquisition spree this year. In September, the company said it was investing as much as $250m in the Chinese market, its first foray into the world’s second-biggest economy as it looks to expand its portfolio of investments globally.

Also in September, it acquired a minority stake in Swiss-regulated Banque Paris Bertrand Sturdza for an undisclosed sum. It also purchased its largest US warehouse portfolio, for about $300m in a single transaction.

Investcorp is snapping up assets as it seeks to nearly double its assets under management to reach $50 billion in the medium-term from $22.6bn at the end of June.

Last year, the company acquired a $12bn AUM credit management business now known as Investcorp Credit Management.

Since its inception in 1982, Investcorp has made more than 175 corporate investments in the US, Europe and the broader Middle East and North Africa region, including Turkey.

The company has invested across a range of sectors including more than 600 commercial and residential real estate investments in the US, with transaction values exceeding $57bn.

Investcorp said it would invest up to $250m in the Chinese market, its first foray into the world’s second-biggest economy