Dubai Group acquires $1 billion portfolio.Dubai Investment Group The Dubai Investment Group (DIG) is a subsidiary and member company of Dubai Holding. The company was originally called The Investment Office but was re-named in May 2005 to better reflect its ties to Dubai. , (DIG) in association with The Milestone Group The Milestone Group is a British media company, which originally had holdings in radio, publishing and television, but now concentrates on its local television stations. Radio stations The Milestone Group used to own five local radio stations in the UK: DIG is an affiliate of Dubai Holding LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . DIG, formerly known as The Investment Office, rebranded to incorporate and promote its tie to Dubai. This transaction is the first completed under the new moniker (1) A name, title or alias. See alias. (2) A COM object that is used to create instances of other objects. Monikers save programmers time when coding various types of COM-based functions such as linking one document to another (OLE). See COM and OLE. and is the first time that the activities of DIG are being made public. DIG began investing in the U.S. real estate market in 2003 through its wholly-owned subsidiary, Longwing Real Estate Ventures. The portfolio has assets centrally located in the major metropolitan markets of Dallas/Fort Worth, Houston, Austin, Jacksonville, Tampa, Phoenix, Nashville and Atlanta. The properties, which have historically boasted high occupancy rates, are currently 92 percent occupied. The acquisition represents the largest block of apartments sold to a single buyer in the United States in the past four years, according to the law firm, Morrison & Foerster, which helped structure the deal and then advised the investor group. "We are very excited to announce the rebranding of the Dubai Investment Group through this significant transaction and are pleased to be entering the multifamily market in the United States at this point in the cycle," said Mohammed Al Gergawi Mohammed Al Gergawi (Arabic: محمد القرقاوي) is the United Arab Emirates Minister of State for Cabinet Affairs, Chairman of The Executive Office, and the Executive Chairman , Chairman of Dubai Investment Group and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Dubai Holding. Al Gergawi added, "The properties have significant upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar and will benefit greatly by the infusion of capital." DIG acquired the portfolio from Olympus Real Estate Partners in a venture with The Milestone Group. The Milestone Group is a national real estate investment firm with primary offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Dallas that invests in a diversified portfolio of real estate and real estate related products. "We will engage in a strategic enhancement program to reposition the properties by initiating a major capital improvement campaign. Working with The Milestone Group, our aim in this undertaking is to unlock value and unrealized cash flow as the national and local economies continue to improve. This will allow the properties to remain ultra-competitive with comparable product," said Soud Ba'alawy, Chief Executive Officer, DIG. |
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