ARCAPITA COMPLETES SALE OF SELF STORAGE ASSETS FOR €412 MILLION
April 3, 2011 – Arcapita Bank B.S.C.(c) announced today the sale of its and its investors’ 80 per cent interest in two Europe-wide portfolios of self-storage facilities for a total transaction value of €412 million. The acquirer was Shurgard Europe, the owner of the other 20 per cent interest in the two portfolios.
Arcapita and Shurgard formed their first joint venture to develop self-storage in 2003, and since then, have built a total portfolio of 72 self-storage facilities, representing almost 4 million square feet of storage space in 7 European countries. Atif A. Abdulmalik, Arcapita’s Chief Executive Officer, said “The investments have benefited from their geographic diversity and their limited exposure to the slower performers amongst the European economies. The economic downturn presented a number of challenges, but the real estate group has worked closely with our joint venture partner at the portfolio level to protect the interests of our investors.”
Arcapita recently announced the results of the first 6 months of its current financial year, reporting a net income of $34 million for the 6 months to December 31, 2010.
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