Arcapita sells European storage business stake

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Associated Press

Posted on April 3, 2011 at 9:02 AM

Updated Sunday, Apr 3 at 9:02 AM

DUBAI, United Arab Emirates (AP) — Bahraini investment firm Arcapita Bank has sold its stake in dozens of European self-storage facilities for 412 million euros ($586 million).

Arcapita said Sunday it sold the 80 percent stake in 72 storage sites to Brussels-based storage company Shurgard Europe, which owns the remaining fifth of the portfolio.

The firm says its plans for additional asset sales are "increasing steadily." It's sold off a collection of U.S. retirement communities and industrial property in Singapore over the past six months.

Arcapita mainly invests on behalf of wealthy Gulf Arab clients. Like many regional investors, the value of its holdings and its credit standing took a hit during the global financial crisis.

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