AW Properties has marked its debut UK real estate deal with the acquisition of an office complex in South Wales from UAE-based Gulf Islamic Investments (GII).
GII said it has sold the fully-let 150,000sqft office complex in Celtic Springs Business Park in Newport to the Al Wazzan family鈥檚 real estate company for an undisclosed amount.
The asset comprises three office buildings let to a single tenant. It is the largest South Wales commercial property deal in the past 12 months.
Rawia Guedri, CFO of Al Wazzan Family Office, said: 鈥淲e are delighted that our debut commercial property acquisition in the UK involves a well-located office with strong fundamentals and income growth opportunities.
鈥淭he opportunity satisfies our investment criteria, offering numerous benefits including a long-term secure lease with fixed rental uplifts to a large global blue-chip occupier who has already committed capital to refurbish and further upgrade the building.鈥�
Investment firm and other investors. The campus, including an additional plot of development land, was acquired for around 拢30m (鈧�34m).
At the time, Rasmala said the properties were let to Airbus Defence and Space, a division of Airbus Group.
GII said the exit follows a successful re-gearing of the lease to a global aerospace corporation on a new 15-year term.
Mohammed Alhassan, co-founder and co-CEO of GII, said: 鈥淲e are delighted to announce this exit, particularly after recent market uncertainty. We engaged GII鈥檚 best-in-class team to unlock value through a series of asset management initiatives, including financing and regearing.
鈥淭his demonstrates our ability to put our strategy into action. Managing and repositioning the asset successfully for long-term investors illustrates our capacity to create significant value and unlock our investments鈥� full potential.鈥�
Alhassan said GII鈥檚 investor distributions now total almost $600m (鈧�554m), with an exit pipeline of some $200m.
Pankaj Gupta, co-founder and co-CEO of GII, said: 鈥淕II鈥檚 in-depth analysis of each investment鈥檚 macro and micro market aspects allows us to unlock property potential that others might miss, ensuring top value for our clients and partners.鈥�
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