FINANCIAL NEWS

Bahrain’s Arcapita transfers stake in London JV to US firm

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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