DUBAI | Mon Jan 7, 2013 3:34am EST
DUBAI Jan 7 (Reuters) - Arcapita, 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 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.
Cash on cash return is used in real estate deals to show the amount of money earned in relation to the cash invested in the properties.
The remaining 20 percent of the joint venture is held by Sunrise Senior Living, a firm currently being acquired by Healthcare REIT.
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