U.S. Markets closed

Gulf investment arm takes Texas properties

DUBAI, United Arab Emirates (AP) -- Gulf investment house Investcorp says its American division has acquired five real estate developments in Texas for more than $100 million.

The deals announced on Tuesday gives the Bahrain-based company 1,900 housing units in greater Austin, Dallas and Houston. It follows last year's Investcorp acquisition of four properties in Houston.

Investcorp's president for Gulf business, Mohammed Al-Shroogi, says Texas' strong overall economic indicators make it attractive for real estate investments.

Investcorp primarily invests Gulf Arab oil wealth in the U.S. and Europe.