Kuwait-linked bank inks US offices deal

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Kuwait-owned Gatehouse Bank, a Shariah compliant investment bank based in London, has announced a deal to buy an office building in Salt Lake City, Utah.

Gatehouse, whose parent company is the Securities House in Kuwait, said in a statement that it has completed the acquisition of the 163,000 sq ft building which is expected to provide "stable and healthy yield".

The property is 100 percent leased to the General Services Administration (GSA) for a fixed term of 20 years. Gatehouse did not give a value for the property deal.

The GSA is the procurement agency for the US Federal government, and provides various government agencies with world-class sustainable facilities.

Fahed Boodai, chairman of Gatehouse Bank, said: "International investors are continuing to target quality investments with a strong and stable lease profile and, with government tenants tending to occupy space for a lengthy duration, these properties have become increasingly popular acquisition targets.

"This property is an extremely attractive acquisition prospect and a significant addition to our investment portfolio."

Salt Lake City is Utah's largest metropolitan area, and benefits from a diverse economy, healthy demographics and a low cost of doing business.

Government employment in the region is considerable, with the State of Utah, University of Utah, and Salt Lake County ranked among the city's largest employers.

The second quarter of 2012 was particularly strong for the US office market, and occupancy rates continued to improve through the second half of the year to reach peak levels last seen prior to the 2008-2009 recession.

With a global real estate portfolio in excess of $1.25bn, Gatehouse Bank specialises in originating, structuring and funding investments in a Shariah compliant manner.

Last month, Gatehouse Bank said it had completed the sale of the Procter & Gamble UK headquarters building, in a deal worth £33.68m ($53.8m).

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Time to invest?

Time to invest?

Foreign investors are seeing Qatar as an ideal place to purchase...

1
Most Discussed
  • 15
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer
  • 7
    Belgium diplomat arrested for pulling veil from Qatari princess

    If its illegal to dress in a certain way why didnt the police do something about it.

    Whereever the Europeans go, they demand that society conforms... more

    Thursday, 21 August 2014 8:37 PM - Ghazi
  • 7
    CEO of Just Falafel to step down

    Just Falafel was a disaster waiting to happen. The food isn't even that good and the focus wasn't on building the brand and operations. Instead they focused... more

    Thursday, 21 August 2014 8:37 PM - milad
  • 23
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 17
    UK looks to close tax loophole on expat landlords

    UK taxes too much and too complicated and time taking and confusing and continuous. Returns, lawyers, HMRC, taxes too much for too little. Not worth the... more

    Sunday, 17 August 2014 12:40 PM - AbdolRahman
  • 15
    Baby NOT on board?

    The people commenting here were all 20 years old when they were born, never cried, never screamed and never ran etc etc.
    more

    Thursday, 21 August 2014 8:30 AM - Amer