Sunday 24 June 2018

Thuwaini Al Thuwaini

Warba Bank acquires property in Dallas

KUWAIT, August 22, 2017

Warba Bank has adds another investment to its global real-estate investment portfolio with the acquisition of a property in Euless, a suburb of Dallas, Texas.

Warba Bank’s equity investment in Suite 2801, a 417-unit apartment community, amounts to $23.46 million, a statement said.

The acquisition came through a joint venture partnership with Cortland Partners, a full-service multifamily real estate acquisition, development, and operating entity.

This transaction follows the bank's successful real estate expansion strategy, derived from in-depth research, undertaken by the Investment Banking Group.

Commenting on the bank's third acquisition in the US since the beginning of this year, Thuwaini Khaled Al-Thuwaini, deputy chief investment banking officer, said:  "We’re excited to record another milestone under the bank's global real estate investment programme due to the hard efforts of the team at the Investments Banking Group. Warba Bank is keen on identifying viable real estate investment opportunities to diversify the bank’s sources of income and developing its real estate investment portfolio pursuant to its investment policy and risk appetite.”

Suite 2801 is a Class “A” community strategically located in the centre of major employment hubs including Dallas, Fort Worth and Arlington, Texas. It is within walking distance of the largest shopping destinations, making it the best option for tenants.

Since the beginning of 2017, Warba Bank's total real estate investments in the US have reached $70 million. The bank has already acquired the headquarters of Manpower Group, an office building in Milwaukee, Wisconsin, and the luxury coastal flats of Ultris in Banyan Grove, Virginia.

Warba Bank launched its global real estate investment programme earlier this year by acquiring a modern facility exclusively dedicated to KIA Motors in the UK, strategically located in Lane Industrial Estate, just 1.5 miles away from Immingham.  -TradeArabia News Service

Tags: Kuwait | acquisition | Warba Bank |

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