Investcorp Sells Real Estate Properties in Georgia, New Jersey and Maryland With A Combined Value of Approximately $80 Million

Apr 25, 2001, 01:00 ET from Investcorp

    NEW YORK, April 25 /PRNewswire/ -- Investcorp, a global investment group,
 today announced that during the first quarter of 2001, the firm sold three
 apartment properties, including Magnolia Vinings, Steward's Crossing and
 Hobbitt's Grove, with a combined value of approximately $80 million.
     Magnolia Vinings Apartments is a 400-unit, Class A apartment community
 located in the Vinings suburb of Atlanta, Georgia.  This project was purchased
 in conjunction with Shelter Properties of Baltimore, Maryland.  The apartment
 project, built in 1996, was originally purchased in the third quarter of 1998.
 The buyer of the property and specific terms of the transaction were not
 disclosed.
     Steward's Crossing is a 240-unit, Class A apartment community located in
 Lawrence Township, New Jersey.  This project was also purchased in conjunction
 with Shelter.  This apartment project was built in 1990 and was acquired by
 Investcorp in the fourth quarter of 1997.  The buyer of the property and
 specific terms of the transaction were not disclosed.
     Hobbitt's Grove is a 170-unit, Class A apartment community located in
 Columbia, Maryland.  This project was also purchased in conjunction with
 Shelter.  This apartment complex was built in 1991 and was acquired by
 Investcorp in the third quarter of 1998.  The buyer of the property and
 specific terms of the transaction were not disclosed.
     "The dynamics of the apartment market in a number of U.S. markets have
 been very attractive, and, thus, Investcorp has been and will continue to be
 very active as both an acquiror and seller of assets in this sector," said
 Jonathan Dracos, a Member of Investcorp's Management Committee.
     Investcorp's New York-based team of real estate professionals focuses on
 high-quality existing commercial, hotel and residential properties with strong
 cash flow and attractive potential for medium-term capital gains.  The team
 overseas a portfolio with a current value of more than $1.4 billion in
 selected urban and suburban markets in the U.S.  Over the past four years,
 Investcorp has concentrated its property investments in five sector-specific
 real estate portfolios: office, retail, hotel, industrial and residential
 properties.
     In addition to investing in real estate, Investcorp focuses on corporate
 investments, asset management and technology investments.  Since it was
 established in 1982, the firm has completed transactions with an aggregate
 value of approximately $19 billion.  Additional information on Investcorp may
 be found at http://www.Investcorp.com, or through the contacts below.
 
 

SOURCE Investcorp
    NEW YORK, April 25 /PRNewswire/ -- Investcorp, a global investment group,
 today announced that during the first quarter of 2001, the firm sold three
 apartment properties, including Magnolia Vinings, Steward's Crossing and
 Hobbitt's Grove, with a combined value of approximately $80 million.
     Magnolia Vinings Apartments is a 400-unit, Class A apartment community
 located in the Vinings suburb of Atlanta, Georgia.  This project was purchased
 in conjunction with Shelter Properties of Baltimore, Maryland.  The apartment
 project, built in 1996, was originally purchased in the third quarter of 1998.
 The buyer of the property and specific terms of the transaction were not
 disclosed.
     Steward's Crossing is a 240-unit, Class A apartment community located in
 Lawrence Township, New Jersey.  This project was also purchased in conjunction
 with Shelter.  This apartment project was built in 1990 and was acquired by
 Investcorp in the fourth quarter of 1997.  The buyer of the property and
 specific terms of the transaction were not disclosed.
     Hobbitt's Grove is a 170-unit, Class A apartment community located in
 Columbia, Maryland.  This project was also purchased in conjunction with
 Shelter.  This apartment complex was built in 1991 and was acquired by
 Investcorp in the third quarter of 1998.  The buyer of the property and
 specific terms of the transaction were not disclosed.
     "The dynamics of the apartment market in a number of U.S. markets have
 been very attractive, and, thus, Investcorp has been and will continue to be
 very active as both an acquiror and seller of assets in this sector," said
 Jonathan Dracos, a Member of Investcorp's Management Committee.
     Investcorp's New York-based team of real estate professionals focuses on
 high-quality existing commercial, hotel and residential properties with strong
 cash flow and attractive potential for medium-term capital gains.  The team
 overseas a portfolio with a current value of more than $1.4 billion in
 selected urban and suburban markets in the U.S.  Over the past four years,
 Investcorp has concentrated its property investments in five sector-specific
 real estate portfolios: office, retail, hotel, industrial and residential
 properties.
     In addition to investing in real estate, Investcorp focuses on corporate
 investments, asset management and technology investments.  Since it was
 established in 1982, the firm has completed transactions with an aggregate
 value of approximately $19 billion.  Additional information on Investcorp may
 be found at http://www.Investcorp.com, or through the contacts below.
 
 SOURCE  Investcorp