Tuesday May 6, 7:53 PM
Arcapita says buys Pinnacle to grow in real estate
LONDON, May 6 (Reuters) - Bahrain-based investment fund
Arcapita said on Tuesday it bought Central and Eastern
Europe-based real estate company Pinnacle Real Estate from U.S.
investment bank Merrill Lynch.
The deal includes 230,000 square meters of of leased
warehouses and a land bank of almost 1.5 million square meters
for future development, Arcapita said in a statement. It did not
disclose a value for the transaction.
"Pinnacle has quickly built up an attractive mix of yielding
and developmental assets to become a dominant developer in what
we believe are high growth markets with excellent further
appetite for modern and well situated warehousing and
distribution facilities," said Muhannad Abulhasan, head of
Arcapita's European real estate business in the statement.
(Reporting by Mathieu Robbins; Editing by Quentin Bryar)
|
