|24 February, 2020

Bahrain's Investcorp acquires two US residential properties for $164mln  

Properties have easy access to retail, entertainment attractions

The skyline of the city's downtown is shown in Los Angeles, California, U.S. November 1, 2019.

The skyline of the city's downtown is shown in Los Angeles, California, U.S. November 1, 2019.

REUTERS/Mike Blake

Bahrain’s Investcorp has acquired two luxury properties in the United States for approximately $164 million.

The South Florida assets, located in residential areas, feature newly renovated interiors, upgraded common areas with amenities, as well as clubhouses and pools, a statement by Investcorp, which manages alternative investments, said.

Both properties have easy access to several retail and entertainment attractions and are close  to downtown Fort Lauderdale and South Florida’s employment hubs.

According to Real Capital Analytics, Investcorp ranked as the second-largest international acquirer of US multifamily properties in 2019.

Multifamily property portfolios represent the largest part of Investcorp’s global real estate platform, with an approximate value of $2.3 billion.

Investcorp’sportfolios span across 15 markets, totalling 18 properties and more than 14,000 units. The value of Investcorp’s real estate investments have reached more than  $18 billion across more than 800 properties.

“Over the last several years, we have been actively building our US multifamily real estate portfolio by targeting properties in strategic locations that enable us to capitalise on the secular trend toward renting rather than home ownership,” Yusef Al Yusef, head of Gulf Institutional Clients Group at Investcorp said.

“The purchase of these properties in the attractive South Florida market aligns with our defined investment strategy of targeting strong cash flow generating assets that we believe are positioned to generate consistent returns while providing upside potential,” Al Yusef said.

The investment manager’s US-based real estate team had acquired two industrial and logistics assets for $800 million back in November last year.

The acquisitions, done in two separate transactions, include 126 industrial properties with a combined area of 10.2 million square feet across five major cities.

Investcorp also acquired in February a US-based distributor of seafood and gourmet food products, Fortune International (Fortune Fish & Gourmet).

(Writing by Gerard Aoun; editing by Cleofe Maceda)


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