Investcorp secures $170m US mortgages
Manama, June 9, 2009
Bahrain-based investment bank Investcorp has acquired $170.9 million worth of mortgage loans in the US to take advantage of low real estate prices, the company said.
The loans are secured by commercial property assets located in the United States and were purchased by the bank at a discounted rate, Investcorp said in a statement.
"This opportunity to invest, at favourable prices, in sound US commercial real estate assets exists now for two reasons," Investcorp managing director Mazin Al-Khatib said in the statement.
"The difficult economic environment is forcing sales. Overleveraged buyers are being forced to recapitalise, and lenders, who need to liquidate to address balance sheet issues, are being forced to sell outright," he added. - Reuters