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.
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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.

SABIC launches anti-fog film for COVID visors

Updated 28 November 2020

SABIC launches anti-fog film for COVID visors

SABIC, a global leader in the chemical industry, has announced the successful commercialization of an anti-fog film it designed especially for COVID-19 protection equipment, such as safety face shields and goggles, used in frontline work environments.

Lexan HP92AF features a one-sided coating that extends the time-to-fog even at very high ambient humidity, ensuring long-lasting optical clarity. The product has confirmed its superior anti-fog performance in extensive testing under the harshest conditions. It does not exhibit any hazing at saturation as could be observed with competitive materials. Moreover, the anti-fog coating technology has no compromising effect on the abrasion resistance and impact strength of the polycarbonate film.

“We have identified a gap in the market when it comes to the effective protection of frontline workers against the COVID-19 pathogen. In work environments subjected to sudden temperature changes and high humidity, visors and safety goggles often fail to provide adequate long-term anti-fog performance. This forces workers to either not wear such visors and safety goggles at all or to take these off for frequent wiping,” said Ahmet Kizilirmakli, senior business manager Americas, SABIC.

“Our new Lexan HP92AF anti-fog film offers the solution many companies have been looking for. Excellent optical quality and high-impact strength of polycarbonate combined with our advanced anti-fog technology make the product the ultimate choice for face shields and other clear view personal protection equipment with long-lasting optical clarity in these environments,” he added.

Besides visors, face masks and safety goggles, other targeted applications include motorcycle visors, ski goggles, automotive cluster lenses, medical instrument lenses and displays as well as industrial lenses.

SABIC’s new anti-fog film product shows excellent die cutting and printability. The anti-fog film is thermoformable and withstands repeated cleaning with lukewarm water, mild soap solutions, or common glass cleaners.

With a width of 48 inches, Lexan HP92AF is globally available in a wide range of gauges from 7 to 30 mil (178 to 752 µm).

“The rapid commercialization of Lexan HP92AF anti-fog film underscores our commitment to helping our customers enhance the protection of frontline workers against COVID-19,” said Mark Troszak, film segment leader at SABIC.

“In high-humidity environments, the time-to-fog makes a difference. This product can ensure optimum optical clarity over extended periods, allowing the users of face shields and other transparent safety equipment to concentrate on their jobs safely without being impaired by fogging,” he added.

Troszak said that SABIC has the capability to satisfy customer-specific requirements by adapting this technology to other existing Lexan-coated film solutions.