GFH buys Amazon warehouses

MANAMA: GFH Financial Group (GFH) has acquired warehouses located in south eastern Spain in a transaction valued at approximately $77 million.

The properties, which cover an area of over 100,000sqm, are fully leased on a long-term basis to Amazon Road Transport Spain Slu; a subsidiary of global e-commerce retailer Amazon.

The investment in these properties by GFH benefits from strong market fundamentals for logistics and the warehousing sector in general as well as the Spanish e-commerce sector, which continues to grow and holds even further potential for expansion.

The assets form a critical part of the supply-chain network that is geared to reduce delivery times for Amazon’s Spanish logistics network.

The warehouses give access to more than four million people across southeast Spain and are located near major motorways linking the eastern coast of Spain’s main cities of Barcelona, Valencia and Malaga to the European road network.

Commenting, GFH’s managing director for business development Nael Mustafa said, “We’re delighted to announce this strategic acquisition as we continue to build our global portfolio of high-quality, income -yielding real estate assets, capable of delivering solid returns. This transaction, which also marks our first in Spain, was concluded as a result of a number of unique dynamics.”

 

Source: http://www.gdnonline.com/Details/910898

 

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