The Bahrain-based Investcorp is now in the United States — buying commercial properties here and there. The asset management firm, according to a recent report, purchased the 135,000 square feet shopping center located in Coral Springs, Florida. The shopping center is one of several recently acquired commercial properties by the company in the country.
In another city in Florida, a shopping mall has been recently added to a company’s commercial property portfolio. Festival Bay Mall, the 750,000 square feet shopping center, with 139 acres area space, is recently acquired by Lightstone for $25 million.
Investcorp’s buying spree in the U.S, in the other hand, is now totaled to Dh440.7m or US$120 million — worth of commercial properties. The price tag of the company’s recent and its third acquisition in Florida — the 25-year-old shopping complex, which was renovated in 2000, the Coral Palm Plaza, was not disclosed.
A provider of provider and manager of alternative investment products, serving high-net-worth private and institutional clients, Investcorp controls $12.2 billion in properties and its recently acquired commercial properties paved for a new business strategy.
According to a spokesman at the company, a total of $69 million was invested in debt and equity funding in the U.S last year — this year would be the right opportunity to purchase property assets.
Commercial properties acquired by the company include the 333,000 square feet retail facility in Austin, Texas, the 294-room Westin Hotel, and the 548,000 square feet mixed-use development in Princeton, New Jersey.
The company now owns about 24 shopping centers in Texas.
The company’s recently acquired commercial properties reflects how it acts positively at an opportunity to invest in an appealingly valued property in one the country’s more stable sub-regions.