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REAL ESTATE EQUITY

Investcorp seals $140m US property deals

Manama, September 24, 2012

Investcorp, a leading global provider and manager of alternative investment products based in Bahrain, said it has completed major real estate equity acquisitions in office properties worth $140 million across key markets in the US.

The company said the transactions - two real estate equity acquisitions and a debt financing investment in seven high-quality office properties - equate to over 900,000 sq ft of real estate.

The equity buyouts include three properties in the Keystone Office Park located in Raleigh, North Carolina and one property in the Duke Bridges office park complex located in Frisco, Texas, a suburb of Dallas.

Investcorp also acquired a mezzanine loan secured by two office properties located in the Denver, Colorado suburb of Lakewood.

These transactions reflect Investcorp’s commitment to invest through both equity and debt financing in high quality, stable real estate assets at attractive valuations, and in close proximity to commercial and economic hubs, said a top official.

"The properties, with occupancy rates in excess of 95 per cent, are leased by longstanding tenants including; the National Institute of Health, in Raleigh; Oracle, in Frisco and; the law firm BakerHostetler, in Lakewood," explained Mohammed Al-Shroogi, the president (Gulf Business).

“Our real estate team has a proven track record of finding high quality assets in metropolitan communities with strong diversified employment and economic growth above national levels that provide stable and attractive cash flows.  These transactions are consistent with that theme,” Al-Shroogi stated.

During the last 12 months, Investcorp’s real estate team has invested in eight equity transactions with a total deal size in excess of $300 million, he said.

During this same period, Investcorp has originated five mezzanine debt transactions with a principal balance in excess of $100 million and a total capitalization greater than $800 million.

In May, Investcorp acquired a portfolio of four multifamily properties in Houston, Texas and, in March, it completed an acquisition of mixed-use commercial properties in Northern California valued at approximately $65 million.  

"Office properties in high growth markets with strong demand generators are on the rebound, and can be purchased at better valuations than similar properties in major cities," remarked Al-Shroogi.

"Rooted in our value-oriented investment approach, we also see significant opportunities for high-quality, performing debt investments that can be acquired or originated at attractive yields," he added.-TradeArabia News Service




Tags: Bahrain | US | real estate | Investcorp | equity | acquisition |

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