GSH Kuwait group buys UK property
Manama, July 7, 2010
London-based Sharia-compliant wholesale investment bank Gatehouse, sister company of GSH Kuwait, has completed the acquisition of a prime office building in Leeds for £43.7 million ($66.4 million).
Working closely with its sister company GSH Kuwait, Gatehouse Bank delivered to its GCC investor clients an investment opportunity that provides an average cash yield of 9.1 per cent per annum net of all fees, costs and local taxes, to be paid monthly over a three-year investment period.
The acquisition is a six-storey property fully let to British Telecommunications (BT), one of the largest telecom companies in the world with global operations in more than 170 countries.
It is let until September 2020, providing more than 10 years of secure income for investors that have entered into the transaction.
'GCC investors have a raised awareness about investment products, and we understand that they undertake a prudent approach to balancing risk and reward when making important investment decisions,' said Gatehouse vice-chairman Sameer Al Gharaballi.
'Knowing that their investments are placed in solid asset classes is a primary concern of our clients.
'With the BT office acquisition, Gatehouse has continued to meet the requirements of its investors and nurture their long-term investment goals by delivering them exclusive off-market opportunities such as these Grade A property transactions with strong tenancy offering sustainable returns, as well as long-term value with uncompromising advisory support,' he said.-TradeArabia News Service