DUBAI Jan 7 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
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
The remaining 20 percent of the joint venture is held by
Sunrise Senior Living, a firm currently being acquired by