GFH Capital Limited, a subsidiary of GFH Financial Group, has announced that it has acquired a Tech Offices Portfolio in North Carolina, US, in a deal valued over $100 million.
The Tech Offices Portfolio is situated on nearly 60 acres within the primely located Research Triangle Park, which is the largest dedicated scientific research park in the US, featuring more than 250 companies and 50,000 professionals within 22.5 million sq ft of built-out space, said the company in a statement.
The property is adjacent to Interstate 40, a main highway leading to two of North Carolina’s major urban centers with Downtown Durham eight miles away and Downtown Raleigh, approximately 15 miles to the west.
The Tech Offices Portfolio is leased to 16 tenants for an overall occupancy of 96% and features an 18 acre land parcel capable of accommodating up to 270,000 square feet of additional development.
The acquired portfolio consists of five income yielding buildings located in Research Triangle Park, North Carolina is well situated in a vibrant growing region of the US.
The portfolio was purchased in partnership with Global Mutual, one of the fastest growing real estate investment management company in US, UK and Europe operating over £1.5 billion of assets under management.
With the completion of this deal, total US and UK Real Estate transactions volume executed by GFH over the last few years has crossed $1 billion mark.
GFH Financial Group along with its investors, acquired 95 per cent of the Portfolio with the remaining stake held by Global Mutual (and its affiliates).
Arcadia Management Group, an affiliate of Global Mutual, will act as property manager for the portfolio. Founded in 1986, Arcadia’s current property management portfolio consists of 260 assets located across 11 states throughout the US.
GFH Financial Group CEO Hisham Alrayes said: "We are pleased to continue expanding our portfolio of strong income yielding real estate investments in the US market."
"Tech Offices Portfolio is well positioned to deliver robust, in-place, stabilised cash flows driven by a solid roster of several credit rated tenants and benefits from unparalleled proximity to the primary economic drivers in the Triangle region. This continued ability to identify asset in fast growing markets with tenants in recession resistant industries will allow us to deliver value to our investors," noted Alrayes.
"Furthermore, this venture will increase our footprint in the growing Tech office space in the US market," said Alrayes.
"Expanding our partnership with leading international asset managers and property operators, we expect to build on the strong performance of these properties and, importantly, on the strong competitive advantage they enjoy," he added.-TradeArabia News Service
Send us your company’s news today and they could be featured on ABC’s Community News tommorow.
