07 Jan 2013
(MENAFN) Bahrain investment firm Arcapita has completed the sale of its 80 percent stake in a joint venture controlling five London senior care facilities, Reuters reported.
US-based Healthcare REIT (real estate investment trust) is the buyer, but no value was disclosed.
CEO Atif Abdulmalik said in a statement that the divestment delivered a 2.8-times cash on cash return for investors.
Arcapita had filed for Chapter 11 bankruptcy at US court in March 2012, as it was pressured by hedge funds to repay a USD1.1 billion sharia-compliant loan facility.
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