Dubai Investment Group Acquires $1 Billion U.S. Multifamily Portfolio; Gulf Emirate Becomes Leading Apartment Owner in US Market.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 -- 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. 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: Dubai Investment Group ("DIG") is an affiliate of Dubai Holding Dubai Holding (Arabic:دبي القابضة) is a holding company that belongs to Government of Dubai (Sheikh Mohammed bin Rashid Al Maktoum as the Ruler of Dubai holds 99.67% of the company[1]). 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. "We are very excited to announce the re-branding 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 Mr. 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. Mohammed 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" The portfolio has assets centrally located in the major metropolitan markets of Dallas/Ft. Worth, Houston, Austin, Jacksonville, Tampa, Phoenix, Nashville and Atlanta. The properties, which have historically boasted high occupancy rates, are currently 92% occupied. Dubai Investment Group 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 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, Dubai Investment Group. "This portfolio provided us with the ideal opportunity to work with an investor of Dubai Investment Group's caliber and operate some of the best, Class B multifamily properties located in the Southeast and Southwest," said Jeffrey Goldberg, partner of The Milestone Group. About Dubai Investment Group Dubai Investment Group (DIG), formerly known as The Investment Office, is a global investment company operating since 2000. The firm's primary mandate is to achieve high returns on invested capital and create alternative sources of revenue for the shareholder. The Dubai Investment Group supports its operations with a strong team of investment professionals from all over the world, capitalizing on investment expertise both locally and internationally. Longwing Real Estate Ventures (LREV), is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Dubai Investment Group (DIG), responsible for real estate investments throughout the US. LREV is dedicated to building superior value by acquiring properties, exercising strategic initiatives via refurbishing, refinancing, repositioning properties to capture value. Since 2003, DIG has invested in almost $1 billion of property throughout the US in skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. , office, industrial, retail and hotel assets. In 2005, DIG opened an office in London to focus on direct real estate investments and corporate investments. DIG's ongoing real estate strategy is to continue investing directly in the United States and Europe in value-added and opportunistic transactions, as well as selectively pursuing investments in Asia. About The Milestone Group The Milestone Group is a national real estate investment firm with primary offices in New York and Dallas that invests in a diversified portfolio of real estate and real estate related products. Milestone's investors include public and private institutions, endowments, family offices and high net worth individuals. The principals of Milestone have acquired approximately $4.5 billion of real estate in all major product types in the past seven years. The Milestone Group itself has completed more than $1.5 billion in transactions over the past 12 months. Milestone employs a value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. strategy in capitalizing on current income attributes and capital appreciation characteristics to create attractive risk-adjusted returns for its investors. For more information, Milestone's website may be found at www.milestonegp.com |
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