Kuwait – Mubasher: Warba Bank on Thursday reported acquiring the headquarters of ManpowerGroup in the US at a value of $66.5 million.
ManpowerGroup is an office building with a total area of 280,000 square metres in Milwaukee, Wisconsin in the US.
Warba signed a real estate investment partnership contract with Bentall Kennedy, which will act as the bank’s real estate advisor in the US, according to a filing to Boursa Kuwait.
Warba Bank owns a 99% stake in ManpowerGroup, while Bentall owns a 1% stake.
The bank’s investments in the building amounts to KWD 8.8 million ($29 million).
This investment will provide cash returns exceeding 8%, after deducting expenses and taxes, the bank expected.
