PHOTO
Kuwait: Global Investment House (Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait with offices in major capital markets in the MENA region, announced that its real estate asset management team has successfully completed the sale of a property in Edinburgh owned by its clients within the UK National Commercial Real Estate Program, achieving total return of 27.3%, internal rate of return of 10% of which the income element represented 8.14% per annum.
The property, acquired in April 2016, is a modern 3-storey flagship building constructed in November 2003 in very high specification, around a large landscaped courtyard, and high-quality finishes internally, with a net internal area of around 150,000 square feet and 314 car parking spaces. The entire property is leased out to the Scottish Ministers on a long-term lease and is fully occupied by three main departments under the Scottish Ministers’ banner: National Health Services of Scotland (NHS); Scottish Ambulance Service; and Health Improvement of Scotland.
Sulaiman Mohammed Al-Rubaie, Acting Chief Executive Officer commented, “This is another successful exit from an investment part of the UK National Commercial Real Estate Program achieving returns to clients in line with our expectations upon acquisition. The result achieved, especially as the holding period has bared the brunt of the Brexit uncertainty, supports our main objective to target acquisitions that are relatively insulated from the prevailing economic volatility.”
Abdulaziz Al Abdulrazaq, Senior Vice President of Wealth Management said, "We are delighted by this achievement which cements our commitment to deliver our promise to clients. When compared to the level of risk and the average return on real estate investments in general in light of BREXIT implications and current economic uncertainty, the returns are considered very competitive."
It is worth noting that the real estate asset Management team has successfully concluded exits from three properties generating an average IRR in excess of 10%. Currently, the real estate portfolio consists of six properties worth USD293mn, five properties in the UK and one property in Germany.
-Ends-
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
