Monday 17 December 2018

Kuwait's Warba Bank in deal to buy US office tower

KUWAIT, October 17, 2017

Bentall Kennedy, one of the largest global real estate investment advisors, has joined forces with Kuwait-based Warba Bank to acquire a seven-storey single tenant office building in Colorado, US.

The 223,000-sq-ft building, located in Englewood adjacent to the Dry Creek Light Rail Station, is expected to get Leed (Leadership in Energy and Environmental Design) silver certification.

This acquisition represents the third such investment that Bentall Kennedy has made as Warba Bank’s real estate investment advisor in 2017, and a significant addition to the firm’s growing portfolio in the US real estate market, said a statement from the US company.

This investment in the Denver metropolitan area boasts views of the Rocky Mountains and is situated within a 1.5 mile radius from outstanding retail and restaurant amenities.

The modern design of the building, completed in 2017, features open-concept floor plans with column-free rectangular floor-plates, floor to ceiling windows and continuous glass lines. Other in-building amenities include a fully equipped fitness center, a large full-service café, and a large parking garage with above standard capacity.

"This acquisition is clearly in line with our favorable outlook on the Denver market and is strengthened by the growing demand from tenants moving to this submarket," remarked Kevin Rivest, the senior VP of Transactions for Bentall Kennedy.

“The newly constructed building is an exceptional investment for the Partnership and provides a combination of dependable cash returns and the opportunity for market rental growth in a rapidly growing US market,” he added.

Bentall Kennedy’s mandate with Warba Bank is intended to span a broad range of commercial real estate investment types in major US markets.

Warba Bank said it seeks to acquire properties with strong and stable returns and the opportunity for modest appreciation.

This acquisition brings the total transaction volume closed by the partnership to $200 million in 2017; and Bentall Kennedy is actively pursuing additional investments on its behalf.

"We are pleased to continue growing our partnership with Bentall Kennedy, one of North America’s largest real estate investment advisors, which will support the expansion of Warba Bank's global real- estate investment program throughout key US real-estate markets," remarked Shaheen Hamad Al Ghanem, the chief executive of Warba Bank.

"This exciting acquisition is the continuance of our long-term cooperation with Bentall Kennedy and is in line with our strategy of acquiring high quality properties and generating stable income in dynamic markets. The property is a great addition to our US Real Estate portfolio," he added.-TradeArabia News Service

Tags: US | Office tower | warba |

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