Gatehouse Bank makes key acquisition
Manama, July 9, 2012
Gatehouse Bank, a wholesale Sharia-compliant investment bank based in London, has completed the multimillion-pound acquisition of the Bridge View and Consort House in Aberdeen.
The deal should provide a projected average annual cash yield of 7.5 per cent and a projected internal rate of return of 9.5 per cent over a three-year holding period to investors in the transaction.
The 159,170 sq ft property is occupied and fully let to leading oil and gas service provider Petrofac as their North Sea office headquarters, as well as the Scottish Ministers National Health Service, for a long lease term of 14 years.
'The Petrofac acquisition maintains our solid reputation in the UK real estate market, to deliver high quality investment opportunities that generate solid returns on behalf of our investors,' said Gatehouse chairman Fahed Boodai.
'Gatehouse Bank's team of real estate experts sourced an excellent covenant in a major oil and gas provider and favourable real estate lease terms and conditions, to create an attractive offering which investors have capitalised on immediately,' said Boodai.