NEW YORK, May 23 /PRNewswire/ -- Investcorp's U.S.-based Real Estate group today announced that it has completed the sale of six properties from its Texas Retail Portfolio. The original portfolio was made up of 29 retail shopping centers, a total 2.8 million square feet, in the fast growing metropolitan markets of Dallas, Houston, and San Antonio, Texas. The sale of the six properties over the past 90 days represented nearly $60 million in gross transaction value.
The assets that have been sold by Investcorp are: -- Minyards Plaza, Dallas, TX (65,295 square feet)
-- Barker Cypress, Houston, TX (66,945 square feet)
-- Bandera Festival, San Antonio, TX (195,438 square feet)
-- Wurzbach, San Antonio, TX (59,771 square feet)
-- Sterling Plaza, Irving, TX (65,765 square feet)
-- Village by the Park, Arlington, TX (44,523 square feet) Investcorp's investment thesis for the Texas Retail Portfolio, acquired in 2006, anticipated the early sale of a small number of non-strategic, non-core assets in order to reduce debt and return profits to investors. While Investcorp will continue to evaluate opportunities for further asset sales from the pool, the 23 remaining properties in the portfolio are considered longer-term holds, with strong tenant rosters and stable cash flow.
Chris Sameth, a Principal in the Investcorp Real Estate group, said that the group was looking at acquiring additional quality shopping centers in Texas, and was pleased with the success of the portfolio to date. "We are strong believers in the underlying fundamentals of the Texas economy and the retail sector, and we remain very interested in additional investment opportunities in this market," he emphasized.
Three investment sales brokers assisted Investcorp real estate with these sales: Cushman & Wakefield of Texas, Inc. (Dallas office) for Wurzbach and Bandera Festival, Grubb & Ellis Company (Houston office) for Barker Cypress, and The Private Client Investment Group of CB Richard Ellis (Dallas office) for the remaining three properties. Global Realty & Management TX, Inc. is the leasing and managing agent for the 23 remaining properties in the portfolio.
Investcorp originally acquired the portfolio of 29 properties in April 2006 in a joint venture with Equity One (NYSE:EQY). Investcorp acquired full ownership of the properties from the joint venture in December 2006.
About Investcorp Investcorp's New York-based team of real estate professionals invests in all major real estate asset classes throughout the U.S. with investment profiles ranging from core-plus to opportunistic, for mid- to long-term holding periods. The team oversees a portfolio with a current value in excess of $3.5 billion in selected urban and suburban markets in the U.S.
Investcorp is a leading provider and manager of alternative investment products. It has offices in New York, London and Bahrain and is publicly traded on the London Stock Exchange (IVC) and Bahrain Stock Exchange (INVCORP). The firm has five lines of business: private equity, real estate, hedge funds, venture capital and Gulf growth capital. Founded in 1982, Investcorp has grown to become one of the largest and most diverse alternative investment managers in terms of both product offerings and geography, and currently has over $10 billion in invested assets under management. Additional information on Investcorp may be found at http://www.investcorp.com/, or through the contacts below.
Business Contact: Peter Petron, Investcorp, 212-599-4700 Media Contacts: Todd Fogarty/Joseph Kuo, Kekst and Company, 212-521-4800 DATASOURCE: Investcorp CONTACT: Peter Petron of Investcorp, +1-212-599-4700; or Media, Todd Fogarty or Joseph Kuo of Kekst and Company, +1-212-521-4800 Web site: http://www.investcorp.com/
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