Bahrain-based Investcorp sells eight US assets for over $900mln

The properties were garden and townhome-style apartment buildings located in Arizona, California, Florida and New York

  
Image used for illustrative purpose. Skyline with Bahrain World Trade Center in Manama, Bahrain.

Image used for illustrative purpose. Skyline with Bahrain World Trade Center in Manama, Bahrain.

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MANAMA: Investcorp has sold eight multifamily properties located in the US to multiple buyers for more than $900 million.

The Bahrain-based alternative investment manager said the properties were garden and townhome-style apartment buildings located in Arizona, California, Florida and New York.

Investcorp acquired the assets in 2016 and 2017 and completed numerous value-enhancing initiatives, increasing average monthly revenue per unit by approximately 20 per cent, implementing select property and amenity upgrades and interior unit renovations as well as benefitting from the targeted markets’ consistently strong housing fundamentals with favourable supply-demand dynamics.

Commenting, Investcorp’s private wealth managing partner Yusef Al Yusef said, “These transactions demonstrate our continued execution of our real estate strategy, targeting attractive, cash flow generating assets across the US. We see increasing demand for multifamily properties and we remain focused on delivering long-term value for our shareholders and investors.”

Khulood Ebrahim, real estate product specialist at Investcorp, added, “We are pleased with the outcome of the exits and for the value that we created for our investors and shareholders.”

Meanwhile, Investcorp announced separately that it has made a strategic investment in Kindstar Globalgene, an independent medical testing services provider in China.

The terms of the transaction were not disclosed.

Founded in 2003 and headquartered in Wuhan, Kindstar offers patients and physicians broad access to advanced specialty testing services across hematology, gynecology and pediatrics, infectious diseases, oncology and neurology.

It currently serves more than 3,000 hospitals in over 600 cities in China with nationally accredited clinical testing, scientific research and development laboratories and more than 2,500 employees.

Kindstar’s esoteric testing involves analysing unique molecules or substances using advanced technologies to provide critical diagnostic information that cannot be obtained through routine testing.

Investcorp co-chief executive Hazem Ben-Gacem said, “Our focus on healthcare opportunities in China allowed us to identify Kindstar which has built impressive capabilities for improving the quality of healthcare through severe diseases related testing. We believe that Kindstar has significant growth potential driven by accelerating demand for precision medicine, underserved market and the company’s broadening advanced solutions to address an even wider range of specialty healthcare needs.”

Having built an Asian investment platform over the past five years, Investcorp today has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore.

As of end-June, Investcorp had $32.2 billion in total AUM, including assets managed by third party managers, and employed approximately 450 people from 44 nationalities globally across its offices.

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