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One of the projects in the portfolio

Bahraini banks acquire key US real estate portfolio

MANAMA, March 16, 2016

A consortium of Bahrain-based lenders Venture Capital Bank (VC Bank) and Seera Investment Bank has acquired a major real estate portfolio consisting of two multifamily residential assets in Atlanta (US) comprising 866 units.
 
Both properties - Bridgewater and Preston Creek - have excellent locations in Atlanta and feature a wide range of recreational facilities within their lush garden-style communities, said a statement from VC Bank.

The Bridgewater property sits on a 260,000-sq-m gated land and boasts 532 residential units spread over 36 residential buildings, while the Preston Creek property sits on a 206,000-sq-m gated land and consists of 334 residential units spread over 19 residential buildings.

This marks the consortium’s first investment in the US multifamily sector and has been in co-operation with a local partner that has extensive experience in the management and operation of multifamily residential assets, it stated.

The Bahraini lender said the consortium picked Atlanta for investment after closely screening and reviewing many investment opportunities in various major US metropolitan areas due to its robust economic factors which are expected to continue during the investment holding period.

Atlanta remains a hot favourite among leading global investors, thanks to the large number of Fortune 500 companies that are headquartered there. It is also the fourth biggest city with headquartered Fortune 500 companies after New York City, Houston, and Dallas.

The city is witnessing strong population and job growth and represents an attractive real estate market with high potential for further rental growth and value appreciation, which will positively enhance the value of the investment.-TradeArabia News Service



Tags: capital | Bank | consortium | acquisition | venture | Seera |

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