MUSCAT: Gulf Islamic Investments LLC (GII), announced that it acquired a commercial building ‘West Campus’ situated in Westhilll Business Park Aberdeen, Scotland on behalf of its investors for 44m pounds.
The grade A multi-storey office building with ancillary leisure hub and industrial facility was constructed in 2008, on approximately 75,000 square metres plot of land and has net leasable area of 19,675 square metres. The buildings are fully let out to tenant Total E&P UK Limited (Total) and Subsea 7 Limited (Subsea) for a term of approximately 11 years.
Office and leisure facility will be occupied by Total accounting for 83 per cent of the rental income and the industrial facility by Subsea which accounts for the remaining 17 per cent of the rental income.
Mohammed al Hassan (pictured), co-founder and CEO said: “We are delighted as GII continues to grow its portfolio in UK after it last acquisition in 2015. This transaction highlights the commitment to invest in modern and well-let assets to strong covenants, such as Total where they have operated historically for over 50 years.”
Al Hassan confirmed that GII plans to keep acquiring high quality income yielding real estate assets in US, UK, Germany and to invest selectively in attractive value add development opportunities in the GCC region.
Pankaj Gupta, the Co-CEO of GII added: “This acquisition completely aligns with our strategy to generate attractive long-term yield for investors on the back of long unbreakable leases with blue chip tenants. We focus on good properties with specific tenant stories indicating commitment to the property. We managed to enter the Aberdeen real estate market at the bottom of the real estate cycle and are already witnessing strong uptick in demand on the back of improved fundamentals and uptick in oil prices.”
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