IslamicFinance.de

In the process of Arcapita Bank's asset liquidation aiming to raise money for its creditors, the bank has sold its interests in five retirement homes outside London. According to a statement, Arcapita and its investors have sold their ownership of 80% in the property to Health Care REIT. The investment in the US-based publicly traded property investment trust was carried out in 2003 through a joint venture with Sunrise Senior Living. At the time Arcaoita sought Chapter 11 protection on March 19, 2011, the bank had assets of US$3.06 billion (Dh11.24bn) and liabilities of $2.5bn.