Thursday, February 6, 2014

International Investment Bank acquires Texas real estate portfolio worth US$250 million - IFN

Daily Cover
GLOBAL: International Investment Bank (IIB) has partnered with US-based Atlas Residential in an acquisition of a Class A multifamily residential portfolio worth US$250 million. The property portfolio is primarily located in Dallas, Texas but includes assets in Houston, Midland-Odessa and El Paso.
The portfolio was acquired from Pillar Income Asset Management, a real estate advisory and management company located in Dallas. The existing senior debt for the portfolio which is insured by the US Department of Housing and Urban Development was also assumed during the transaction, with Macquarie Bank providing US$71 million in mezzanine financing.
According to a statement, the IIB-Atlas venture was created to acquire, improve and operate these assets to capitalize upon their long-term fundamentals. According to a statement, Atlas Residential will provide asset management as well as cosmetic enhancement and physical upgrades planned for each of the properties.

Commenting on the deal, Saeed Al Fahim, chairman of IIB, said: "The acquisition of these high quality multifamily residential apartment buildings adheres to our core strategy of focusing on investment opportunities with the objective of achieving attractive returns for our investors.”
Echoing Saeed’s sentiments, Aabed AlZeera, CEO and board member of IIB, explained that the partnership will create a platform and provide an opportunity for investors that seek for stabilized cash yields. “Our investors will be able to earn a healthy current cash return in this very stable Class A portfolio. Our Bank has been seeking investment opportunities in the US over the last couple of years and believes that this Class A portfolio will meet the return expectations of our investors given that the US multifamily market is poised for continued growth,” said Aabed.
IIB is an Islamic investment bank with an authorized capital of US$200 million and a paid up capital of US$43 million. Total consolidated shareholders' equity as of the 30th September 2013 stood at US$167 million. The bank's shareholders include high net worth individuals, business houses and institutions from the GCC states.



No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

Related Posts with Thumbnails