Gulf investment arm takes Texas properties
- Associated Press
- December 18, 2012 - 3:35 AM
DUBAI, United Arab Emirates - Gulf investment house Investcorp says its American division has acquired five real estate developments in Texas for more than $100 million.
The deals announced on Tuesday gives the Bahrain-based company 1,900 housing units in greater Austin, Dallas and Houston. It follows last year's Investcorp acquisition of four properties in Houston.
Investcorp's president for Gulf business, Mohammed Al-Shroogi, says Texas' strong overall economic indicators make it attractive for real estate investments.
Investcorp primarily invests Gulf Arab oil wealth in the U.S. and Europe.
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