08.01.2013 - Bahrain's Arcapita sells stakes in UK retirement homes
Arcapita Bank has sold its interests in five retirement homes outside London, as the Bahraini investment bank liquidates assets to raise money for its creditors. Arcapita and its investors sold the 80 per cent ownership in the property to Health Care REIT, a publicly traded property investment trust in the United States, it said in a statement. It invested in the property in 2003 through a joint venture with Sunrise Senior Living, the statement added. Arcapita, which manages property and other investments that it says are Sharia-compliant, had assets of US$3.06 billion (Dh11.24bn) and liabilities of $2.5bn when it sought Chapter 11 protection on March 19, 2011...............................................Full Article: Source
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