Investcorp sells US real estate assets for $900m

The properties were garden and townhome-style apartment buildings located in major metropolitan areas in Arizona, California, Florida and New York.
Short Url
Updated 14 November 2020

Investcorp sells US real estate assets for $900m

Investcorp, a global provider and manager of alternative investment products, announced that it has recently sold eight multifamily properties located in Arizona, California, Florida and New York, to multiple buyers for more than $900 million.

The properties were garden and townhome-style apartment buildings located in major metropolitan areas in Arizona, California, Florida and New York. Investcorp acquired the assets in 2016 and 2017 and completed numerous value-enhancing initiatives, increasing average monthly revenue per unit by approximately 20 percent, implementing select property and amenity upgrades and interior unit renovations as well as benefiting from the targeted markets’ consistently strong housing fundamentals with favorable supply/demand dynamics.

Yasser Bajsair, CEO of Investcorp, Saudi Arabia, said: “The US multifamily real estate continues to be a key area of focus for us given its strong fundamentals and resiliency as everyone will always need a place to live. We will continue to leverage our deep market expertise and history of successfully investing in real estate to identify attractive opportunities that align with our criteria and that we believe to be well-positioned to create value for our investors.”

Khulood Ebrahim, real estate product specialist at Investcorp, said: “We are pleased with the outcome of the exits and for the value that we created for our investors and shareholders. We assembled this portfolio of highly leased residential properties in key target markets with strong underlying economies, growing populations and limited supply, and the sales are a testament to our ability to consistently execute on our investment thesis to target strong cash flow-generating assets with opportunities for further capital appreciation through active, hands-on management.”

Investcorp is a global investment manager, specializing in alternative investments across private equity, real estate, credit, absolute return strategies, GP stakes and infrastructure. Founded in 1982, the company today has a presence in 12 countries across the US, Europe, GCC and Asia, including India, China and Singapore.


Ritz-Carlton, Riyadh celebrates Global Customer Appreciation Week

Updated 29 November 2020

Ritz-Carlton, Riyadh celebrates Global Customer Appreciation Week

  • Team members representing each department participated in a citywide series of sales calls, and visual and hybrid meetings

The Ritz-Carlton, Riyadh celebrated the Global Customer Appreciation Week with an event giving the men and women of the hotel a unique opportunity to show their appreciation for the support and continued patronage of the property by the top international and local clientele. 

Team members representing each department participated in a citywide series of sales calls, and visual and hybrid meetings, highlighting the Ritz-Carlton service directly to client offices and local associations.

The sales team expressed their appreciation by surprising their clients with luxurious boxes of handcrafted oriental sweets and travel kits given personally to their offices. The Ritz-Carlton, Riyadh then wrapped up the week with a creative digital invitation, dedicated to their contacts and bookers to the hotel, for a gala dinner experience of its famous Seafood Night at the award-winning venue, Al-Orjouan Restaurant.

“This is an exciting week for the Marriott Family, as we celebrate the Global Customer Appreciation Week. We truly missed our loyal guests and partners and this is an exciting opportunity to regather after the tough situations caused by the global pandemic. As always, we pledge to provide the finest personal services and facilities for our guests to enjoy the warm, relaxed yet refined ambiance at The Ritz-Carlton, Riyadh,” said Mohammed Marghalani, general manager of The Ritz-Carlton, Riyadh.

Located within 52 acres of luxuriantly landscaped gardens, the hotel offers 493 rooms and suites, 5,800 square meters of meeting and event space, and numerous onsite fine-dining options. It is prominently situated next to the Diplomatic Quarter and adjacent to the King Abdul Aziz Convention Center, one of the largest in the region and host to international summits and conferences.