GFH acquires US tech offices portfolio
MANAMA: GFH Capital, a subsidiary of Bahrain-based GFH Financial Group, has acquired a tech offices portfolio in the US in a deal valued over $100 million.
With the completion of this deal, the total US and UK real estate transactions volume executed by GFH over the last few years has crossed $1 billion.
The acquired portfolio consists of five income-yielding buildings located in Research Triangle Park, North Carolina.
The portfolio was purchased in partnership with Global Mutual, a real estate investment management company in the US, UK and Europe. It features more than 250 companies and 50,000 professionals within 22.5 million sqft of built-out space.
The portfolio is leased to 16 tenants for an overall occupancy of 96 per cent and features an 18-acre land parcel capable of accommodating up to 270,000 sqft of additional development.
GFH Financial Group, along with its investors, acquired around 95pc of the portfolio with the remaining to be held by Global Mutual and its affiliates.
Arcadia Management Group, an affiliate of Global Mutual, will act as property manager for the portfolio.
GFH Financial Group chief executive Hisham Al Rayes said: “The tech offices portfolio is well positioned to deliver robust, in-place, stabilised cash flows driven by a solid roster of several credit rated tenants and benefits from unparalleled proximity to the primary economic drivers.
“Furthermore, this venture will increase our footprint in the growing tech office space in the US market.
Expanding our partnership with leading international asset managers and property operators, we expect to build on the strong performance of these properties and, importantly, on the strong competitive advantage they enjoy.”
Source: http://www.gdnonline.com/Details/569607
