Investcorp acquires 11 US properties for $370mn
Investcorp, a leading global provider and
manager of alternative investment products,
announced that it acquired 11 new US multi-
family properties. The portfolio totals 2,615 units
for a combined purchase price of approximately
$370mn. The acquisition marks Investcorp’s
largest US real estate portfolio acquisition
completed in the past decade.
“This diversified acquisition marks a very
exciting milestone for our real estate investment
team as this is the largest real estate portfolio
we have acquired in the US market in more than
10 years,” said Mohammed Alardhi, executive
chairman of Investcorp. “As one of the most
active investors in US multifamily real estate,
our real estate investment business continues
to be an important driver of our ambitious
long-term global growth strategy on the path to
$50bn in AUM.”The 11 properties in this portfolio are located
in major US metro areas in which Investcorp
made previous acquisitions. The properties
are located in six major metro areas across
five states including Orlando, Florida; Tampa,
Florida; Raleigh, North Carolina; Atlanta,
Georgia; Philadelphia, Pennsylvania; and, St.
Louis, Missouri. Investcorp has partnered with
an affiliate of Equus Capital Partners, Ltd.,
a Philadelphia-based vertically integrated
real estate fund operator, in this transaction.
Equus’ management affiliate, Madison
Apartment Group, will also serve as the on-site property manager for the portfolio.“We continue to see significant investment
opportunities in US multi-family given it is a
well-performing, highly liquid asset class that
draws upon the current strength of the overall
US economy and labour market,” said Michael
Moriarty, principal in real estate investment at
Investcorp. “Similar to many of our other recent
multifamily investments, the assets in this
portfolio are appealing because they are located
in metro areas that are either key growth markets
or population dense areas with new supply
constraints. Each property offers strong existing
occupancy levels and we believe also offers the
opportunity for value-add renovations.”Over the last 12 months, Investcorp ranks
as a top-10 buyer of US multifamily units,
according to Real Capital Analytics, having
acquired approximately 7,700 units. Since
1996, Investcorp has acquired more than 600
total properties with a combined value of more
than $16bn.Occidental Oman signs contracts with two Omani
companies
As part of its in-country value (ICV) strategy
to support locally manufactured materials and
maximise expenditure on goods and services
made in Oman, Occidental Oman signed two
new contracts with Lamad and Oilfield Inspection
Services (OIS). By virtue of these contracts,
Lamad will provide Occidental Oman with
metering services, while OIS will provide it with
tubular inspection and repair services.
The signing ceremony was held at Occidental
Oman’s headquarters in Muscat, under the
auspices of Salim Nasser Al Aufi, undersecretary
at the Ministry of Oil and Gas. Stephen Kelly,
president and general manager of Occidental
Oman; Ibrahim Al Mahrouqi, owner of Lamad;
and Saif Al Tobi, CEO of OIS were the signatories
for their respective organisations. Abdulkarim Al
Ghassani, vice president for supply chain and
other senior executives of Occidental Oman were
present at the ceremony.
The awarding of the contract to Lamad, a newly
established local Omani SME, was based on the
vendor development programme, which is an ICV
initiative aimed at developing local companies
into a new capacity where very limited local
companies are currently delivering.“As a newly established SME, this contract will
help us seize the opportunity to grow further
with metering services in Oman. We highly
appreciate the trust that Occidental Oman placed
on us and we hope to thrive together,” said
Ibrahim Al Mahrouqi, owner of Lamad.In addition, the contract with OIS, which
will provide tubular inspection and repair
services, was signed as part of Occidental
Oman’s ICV initiative. “We are excited by the
opportunities this award will provide, and we
feel confident that together we will facilitate
and serve industry demands. The award is also
a recognition of our determination to provide
quality services of the highest standard,” said
Saif Al Tobi, CEO of OIS.