Mubasher: Global Investment House (Global) has recently launched the European Commercial Real Estate Program by acquiring a high-quality warehouse facility strategically located in West Germany, according to a recent statement on Monday.
The property is leased to ATU, a leading German automotive spare parts and service retailer with over 600 outlets all over Germany, with inflation-linked rental income and a 15-year unexpired lease term, the statement added.
The Kuwait-based firm clarified that this step followed the success of its UK National Commercial Real Estate Program; Kuwait’s Global is a regional Asset Management and Investment Banking firm headquartered with offices in major capital markets in the MENA region.
“The asset is strategically located in Germany’s core logistics hub, part of Europe’s key logistical corridor extending from Northern Italy to the UK. The property yields over 10% annually and the investment team targets an overall return of 12% over the investment period based on the investment team's strategy,” according to the statement.
“We have built an excellent track record in the commercial real estate sector providing clients 9% annual income with quarterly distribution," the executive vice president and head of Wealth Management, Rasha A. Al Qenaei, said.
In 2016, French conglomerate Mobivia took over ATU. The acquisition deal marked a key partnership for Mobivia that specialises in the sales of automotive parts as well as repairs, Global’s statement added.
