Gulf's biggest buyer of US property to double investments

Dubai

INVESTCORP Bank BSC, the Gulf's largest private investor in US property over the past 10 years, plans to step up property investments in the world's largest economy as it seeks to double assets under management to US$25 billion over the next five to seven years.

The company expects to spend US$1.5 billion on US property in the fiscal year through June, compared with about US$860 million in the year-earlier period, Jonathan Dracos, head of real estate at Investcorp, said in New York. The company, which has backed companies including Tiffany & Co and Gucci Ltd under founder Nemir Kirdar, is looking to grow its real-estate business in the US by acquiring office and residential buildings, he said.