Mubasher: Global Investment House’s (Global) real estate asset management team has exited a property in Edinburgh, Scotland for an undisclosed amount.
The Kuwait-based investment firm said it achieved a 27.3% total return from the sale, with an internal rate of return of 10% of which the income element stood at 8.14% a year, according to a statement on Tuesday.
“The result achieved, especially as the holding period has bared the brunt of the Brexit uncertainty, supports our main objective to target acquisitions that are relatively insulated from the prevailing economic volatility,” Global’s acting CEO Sulaiman Mohammed Al Rubaie said.
The sale deal boosted the firm’s commitment to achieve its promise to clients, Abdulaziz Al Abdulrazaq, senior vice president of Wealth Management, stated.
Established in November 2003, the real estate asset, which was purchased by Global in April 2016, was a wholly-leased property to the Scottish authorities.
The Edinburgh property was fully occupied by the National Health Services of Scotland (NHS), Scottish Ambulance Service, and Health Improvement of Scotland.
