Friday 7 August 2020

Kuwait group Gatehouse exits US industrial portfolio

KUWAIT, December 14, 2017

Gatehouse Financial Group (Gatehouse), a leading real estate focused shariah-compliant financial services group based in Kuwait, said it has successfully completed the sale of its US Industrial Portfolio (USIP) Net Leased portfolio III.

The 3.3-million-sq-ft portfolio, comprising 24 industrial and office properties, has been sold to a joint venture backed by a China-based alternative asset manager.

The portfolio is situated across 13 states including California, Florida, New York, Texas, and Virginia. Stabilized at 100 per cent occupancy, it was acquired in a joint venture partnership with Brennan Investment Group in July 2013.

Fahed Boodai, the chairman of Gatehouse, said: "We are delighted with the successful performance of this investment with the Brennan Investment Group. Together we have already invested nearly $1 billion in the US industrial real estate markets."

"Gatehouse continuously seeks to partner with best in-class operators with demonstrated expertise in specific real estate sectors," he added.

Michael Brennan, the chairman and managing principal of Brennan Investment Group, said: "We are very pleased with the successful exit of the USIP Net Leased Portfolio III and our partnership with the Gatehouse Financial Group."

"Gatehouse is an important partner for Brennan Investment Group and we look forward to collaborating together on future acquisitions," he added.-TradeArabia News Service

Tags: US | Gatehouse | Kuwait group |

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