Kuwait’s Global inks deal to buy B&Q warehouses in England
Kuwait-based Global Investment House has signed an agreement to acquire two retail warehouses in the towns of Bury and Grimsby in the north of England.
The properties are let to B&Q, a leading retailer in the DIY and home improvement sector, the company said in a statement.
Structured as one transaction, this acquisition provides Global’s clients with a sharia compliant structure and expected net annualised cash dividends exceeding 8 percent with annual growth opportunity of 2-3 percent.
This marks the sixth transaction under Global’s UK National Commercial Real Estate Program launched in partnership with London-based Greenridge Investment Management Limited.
Launched in September 2015, the Program includes eight properties with a total value around $400 million, the statement said.
Nasser Al-Khaled, head of Real Estate Asset Management at Global, said: “This acquisition affirms our strategy to diversify our portfolio and demonstrates our continued pursuit of identifying value growth prospects in other sectors within the greater UK property market.
“We see great opportunity in the retail warehousing sector due to its resilience to the rise of the e-commerce industry. Moreover, the thriving housing construction market witnessed currently in the UK and its growth prospects further supports the rationale behind the perceived value proposition in this sector.”