MANAMA – Investcorp, a leading provider and manager of alternative investment products, announced Monday that its US-based real estate arm acquired, through separate transactions, a portfolio of residential properties in the greater metropolitan areas of Chicago, Austin and Las Vegas. The properties were acquired for total pricing of approximately $270 million. These transactions follow Investcorp's recent announcement of its acquisition of a group of high quality office and retail properties valued at $250 million. Mohammed Al-Shroogi, president of Gulf Business at Investcorp, said: “These recent residential acquisitions are consistent with our strategy of targeting high quality assets and what we believe are attractive yields in addition to the potential for near and long-term upside through operating improvements and renovations.” Since the fourth quarter of 2012, Investcorp's activities include investments in properties collectively valued at approximately $925 million. Investcorp currently has more than $4 billion of property and real estate debt funds under management. The properties acquired consist of approximately 3,000 units and have a combined average occupancy rate of approximately 95 percent. – SG
