Bahrain-based Islamic investment bank GFH Financial Group (GFH) has acquired a US-based warehousing and distribution logistics facility situated in Ohio and fully leased to multinational delivery services company FedEx for a transactional value of close to $100 million.
The transaction is in line with GFH’s logistics and industrial sector investment’s strategy to focus on the acquisition of high-quality logistics assets in key distribution hubs to capitalize on the strong tailwinds from growing e-commerce penetration rates and sales.
The current deal follows GFH’s earlier acquisitions of the Amazon Spain Portfolio, the Michelin distribution facility in Chicago, allowing the firm to progressively scale up its global logistics platform. The deal will expose GFH to well-positioned top credit tenants occupying a variety of mission-critical facilities in key locations in North America and Europe.
The new leased location will be a mission-critical facility for FedEx as it will be able to serve more than 60 percent of the US population in just one day’s drive when serving from the location.
“We’re delighted to announce another strategic acquisition of a prime, income yielding real estate asset in the US logistics and distribution sector. The logistics and distribution real estate sector has proven to be one of the most dynamic sectors of commercial real estate. An increase in global trade and E-commerce, as well as development in supply chain management, has created an increased structural demand for warehousing space, and hence further growth. As part of our investment strategy, we have been investing in this dynamic sector and building a solid and diversified portfolio. ”
Sharing his remarks on the deal, Mr. Nael Mustafa, Co-CIO Real Estate at GFH, added that, “We are excited to be able to secure another high-quality asset that has the location, tenant strength and physical attributes, which are highly sought after. We look forward to announcing several other transactions in the sector this year across North America and Europe, supported by our conviction in the ongoing growth of the logistics sector globally and the opportunities that it presents for GFH and our shareholders and investors.”
GFH Financial Group (GFH)
GFH is a global real estate investor, investing across sectors with strong long-term fundamentals. It currently has in excess of US$12 billion of assets under management.