Bahrain-based Islamic investment bank GFH Financial Group has partnered with Kuwait’s asset management company Wafra International in order to acquire a portfolio of logistics assets in the US.
The company said in a statement that the portfolio consists of eight income-yielding mission-critical logistics assets that are being built to suit the requirements of their tenants. It did not disclose the value of the deal.
Seven of the facilities are leased to FedEx Ground and the other to General Mills. The assets are expected to be completed during 2022 as part of the built-to-suit process with leases to commence upon completion, according to the statement.
“The assets are located in highly strategic locations across the US in key distribution hubs, with tenant demand benefiting from strong tailwinds contributed by growing eCommerce penetration rates and sales, the ongoing evolution of supply chain logistics, and inadequate supply of high-quality prime warehousing facilities,” the company said.
GFH, which manages over $15 billion in assets, has significantly increased its US portfolio to capitalize on post-pandemic opportunities. In June, it bought an American warehousing and distribution logistics center for $100 million.
In September, GFH signed a $200 million worth of real estate agreement to buy two multifamily residential sites in prime locations in Las Vegas, US. In November, it leased 14 US logistics assets to Amazon.
Recently, the company acquired a portfolio of medical offices in the US in a deal valued at $200 million, as part of its strategy to build a portfolio of stabilized assets driven by solid long-term fundamentals and operating growth.