Investcorp, the Bahrain based asset management company, has gone for some profit taking - picking more than $900 million from selling eight multi-family properties in the US. These are located in Arizona, California, Florida and New York.

"We assembled this portfolio of highly-leased residential properties in key target markets with strong underlying economies, growing populations and limited supply," said Khulood Ebrahim, Real Estate Product Specialist at Investcorp. "The sales are a testament to our ability to consistently execute on our investment thesis to target strong cashflow generating assets with opportunities for further capital appreciation through active, hands-on management.”

The sell-off is interesting, as most industry watchers reckon the US property market will firm up in the months ahead. The prevailing wisdom is to hold on rather than sell.

SOURCE: GULFNEWS