Arcapita ARCAB.UL, a Bahrain-based investment firm, said on Monday it has sold its 80-percent interest in a joint venture controlling five London senior care facilities to U.S.-based Healthcare REIT (real estate investment trust).
Arcapita is in the midst of a Chapter 11 bankruptcy process, which it entered into in March 2012 due to pressure from hedge funds to repay a $1.1 billion (685.4 million pounds) sharia-compliant loan facility.
No value was given for the transaction but Atif Abdulmalik, Arcapita's chief executive officer, was quoted in the statement as saying the exit delivered a 2.8-times cash on cash return for investors.
Bahrain's Arcapita sells stake in London care facilities | Reuters
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