Bahrain-based alternative fund manager Investcorp has splashed out $311 million to add to its US multi-family property portfolio.
The acquisition comprises 2,876 units in three US cities – Tampa, Houston and Salt Lake City.
Investcorp’s US property holdings now total 13,000 having purchased more than 3,400 properties in the last 12 months.
“The high occupancy rates of these property types, together with the positive outlook for the multi-family sector makes these six properties a natural fit to our existing portfolio of residential properties,” said Hazem Ben-Gacem, co-chief executive officer of Investcorp.
Investcorp has made a number of purchases in 2018 in a bid to double its assets including a minority stake in Switzerland-based Banque Paris Bertrand Sturdza. It is also set to invest $250 million in the Chinese market.
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