Kuwait Finance and Investment Company (KFIC) has announced the acquisition of an income generating real estate property in San Francisco, US.

The acquisition was carried through a consortium with group of investors through (buy and lease back) practice, said a statement from the Kuwaiti firm.  

KFIC executive board member Tareq Mishari Al Bahar said: "Our strategic plan concentrates on finding investment opportunities that yields good returns with limited risks. And that can be achieved through acquiring a profit generating assets in safe geographic locations."

"We are keen on finding a variety of investment products that meets customers’ expectations. And through the methodology that we are leading, comes beneficial results for the company and customers simultaneously," remarked Al-Bahar.

Shabnan Al Mutairi, the head of investment and corporate finance division, said: "The property, located in San Francisco, is an acute medical centre spread over an area of 45,277 sq ft. The building is leased entirely by quasi-governmental entity for 15 years with an annual rent escalation of two per cent."

"The process of the acquisition was compatible with the provisions of Islamic Sharia, Ijarah finance. With value of $27 million along with annual cash yield of up to eight per cent," added Al Mutairi.-TradeArabia News Service