Dubai – Mubasher: GFH Financial Group on Wednesday announced that it has acquired Westside Office Business Park in the British town Hemel Hempstead.
Located in the north of London and off the M25, the complex comprises four Class A office buildings with approximately 200,000 square feet, according to a filing to the Dubai Financial Market (DFM).
“Upon acquisition, the property was 96% occupied by a well-diversified, credit-rated tenant base ranging across various industries,” the statement said.
However, Workman LLP, the largest, independent, specialist commercial property management and building consultancy firm in the UK, will be retained as the property manager for Westside.
GFH along with its clients will invest throughout the holding period up to GBP 39.2 million, and it will hold up to 5% of the transaction.
“The investment is expected to have attractive returns over the investment period given attractive exchange rate of the Pound at the time of acquisition,” the company added.
The company did not give further details regarding the transaction’s total cost.
By 11:30 am UAE time, GFH’s stock rose 2.64% at AED 0.89.
