UAE-based Gulf Islamic Investments (GII) has announced the acquisition of an office property in Birmingham, UK, for about £149 million ($188 million) on behalf of its investors.
The GII portfolio in the UK is worth £330 million, equivalent to approximately $420 million, distributed among income-generating properties leased to high-net-worth companies, said a statement from the organisation.
The company's investments in the UK give returns to investors at 8 per cent per annum, a statement said.
The Birmingham property is divided into two adjacent buildings, the first is “Priory Court” and the other one is “Lewis Building”. The two buildings have offices, retail and entertainment areas on the ground floor, multi-let on long term unbreakable leases to credit worthy tenants, the major tenant being the UK Government.
The Birmingham property is a distinct building with high design specifications and comprehensive renovation.
Mohammed Al Hassan, co-founder and chief executive officer GCC, GII, said: “We are very excited to present to our investors this unique opportunity of a high yielding commercial asset located in a strategic and liquid market.”
“Birmingham benefits from a globally integrated transport system including the upcoming HS2 - UK’s single most significant infrastructure project scheduled to be operational by 2026,” he said.
“In addition, the city’s strong economic performance in recent years places it as No.1 in the UK for new business start-ups, investment prospects outside of London and quality of life,” Al Hassan added.
Pankaj Gupta, co-chief executive officer of GII, said: “Despite the challenging times and the uncertainty surrounding Brexit, GII is immensely delighted to expand its investment portfolio in the UK through another high-quality income yielding asset for its clients.”
“The transaction is perfectly aligned to the company’s investment strategy whilst reinforcing our capabilities in offering best in class opportunities,” he added. – TradeArabia News Service