UAE investment firm buys Scottish offices for $60m
Arabian Business | 26/01/2018
Gulf Islamic Investments (GII) has announced that it acquired a commercial building situated in Westhill Business Park, Aberdeen, Scotland for £44 million ($60.4 million).
The Grade A multi storey office building, called West Campus, are fully let out to tenants Total E&P UK Limited and Subsea 7 Limited for a term of approximately 11 years, the UAE-based company said in a statement.
The deal comes on the back of the acquisition of nearly one million square feet of logistics centres in Germany for Amazon for $144 million, announced last month.
Mohammed Al-Hassan, 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.”
He confirmed that GII plans to keep acquiring high quality income yielding real estate assets in US, UK, and Germany.
Pankaj Gupta, co-CEO of GII added: “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.”
