GFH acquires US distribution facility

MANAMA: GFH Financial Group (GFH) has acquired a US distribution facility leased to global tyre brand Michelin in a transaction valued at over $135 million.

The deal was done in partnership with Silver Creek Commercial Development, a US-based asset manager with a track record of over $2 billion in logistics transactions.

The transaction marks the continued expansion of GFH’s global portfolio of income-generating real estate assets including prime distribution centres; well positioned logistics assets and last mile delivery facilities in the US and Europe.

The mission-critical facility is strategically located in the geographic centre of the United States in Chicago, Illinois with seamless access to major interstate highways.

It is one of only two bulk logistics centres used by Michelin in the US, handling 35pc of the company’s imported inventory and sits at the heart of its US operations.

The facility is also in close proximity to the BNSF Logistics Park Chicago, a transport hub linking manufacturers with rail, road and ocean links, and the UP Joliet Intermodal Facility.

These transport centres rank third in the US in terms of total container volumes.

Commenting, GFH Capital chief executive Razi Al Merbati said, “With this transaction, we continue to expand our portfolio of international, blue-chip real estate assets, further solidifying our position as a leading investor in the US and look to transact on the strong pipeline of other unique opportunities we have in place.”

Salem Patel, head of asset management at GFH, said, “This investment is supported by its long-term lease to Michelin, a highly reputable tenant and global tyre industry giant, who has helped establish and maintain the facility as a state-of-the-art distribution centre. We are continuing to look at further investments in the sector globally and to maximise the value of our growing portfolio of logistics centres.”

 

Source: https://www.gdnonline.com/Details/936981/GFH-acquires-US-distribution-facility

 

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