DUBAI, (Reuters) – Investcorp INVB.BH, the Bahrain-based alternative investment manager, has made three real estate acquisitions worth $120 million in the United States in 2011, a company statement said on Sunday.
The company, which once floated luxury brands Gucci and Tiffany & Co, said its most recent purchase was a shopping centre in Florida in a joint venture with Lincoln Equities. It has acquired two other properties in the U.S. in January and February of this year. “We will continue to look for opportunities for our clients and to invest in commercial property assets that are performing well, have strong anchor tenants and are located in regions with favourable long-term demographic trends,” Mazin Al Khatib, Investcorp’s managing director, said in the statement. As at December 31, 2010, Investcorp had $12.2 billion in assets under management.
The company reported a small drop in first-half profit to Dec 31 as its hedge fund returns slowed after a strong performance in the previous year. Investcorp’s financial year ends June 30.