Investcorp buys $250m US real estate assets
New York, November 5, 2013
Bahrain-based Investcorp said on Tuesday that it has acquired a group of offices and retail properties in the United States for $250 million.
The investment firm's US-based real estate arm bought high-end offices and retail space in greater Chicago, Los Angeles, Minneapolis and New York, the company said in a statement.
The properties are a total of more than 1.6 million sq ft and have a combined occupancy rate of about 92 per cent, Investcorp said.
Investcorp has been buying into the US real estate market, and announced the acquisition of five properties for $100 million in December 2012.
The company has acquired more than 200 properties since 1995, with a total value of about $10 billion, it said. It currently has more than $4 billion of property and debt funds under management.
Investcorp is one of the several investors who have expressed a preliminary interest in buying a stake in Italian fashion house Versace, according to sources.-Reuters