Kuwait’s Global buys two UK warehouses

Global Investment House, of Kuwait, has acquired two UK warehouses as the sixth transaction in its UK commercial real estate programme.

Established with London-based Greenridge Investment Management, the programme now boasts a total asset value of more than $400 million.

“Despite current political uncertainty over Brexit negotiations and a weaker sterling, the UK has proven to be a very resilient market, and we are confident in the sustainability of our performance to meet our investment targets,” said Nasser Al-Khaled, head of real estate management.

The warehouses, in Bury and Grimsby, are let to retailer B&Q. They meet the investor’s specifications to buy “off-market investment opportunities in regional UK cities outside of London which produce rental income derived from investment grade or government tenants on long-term triple net leases”.

Global Investment House says the acquisition, which is sharia-compliant, is expected to yield a yearly cash dividend of 8% with growth of between 2-3% a year.

©2017 funds global mena

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