UAE investment firm buys Scottish offices for $60m

Gulf Islamic Investments acquires commercial building in Westhill Business Park, Aberdeen
By Staff writer
Fri 26 Jan 2018 10:45 AM

Gulf Islamic Investments (GII) has announced that it acquired a commercial building situated in Westhill Business Park, Aberdeen, Scotland for £44 million ($60.4 million).

The Grade A multi storey office building, called West Campus,  are fully let out to tenants Total E&P UK Limited and Subsea 7 Limited for a term of approximately 11 years, the UAE-based company said in a statement.

The deal comes on the back of the acquisition of nearly one million square feet of logistics centres in Germany for Amazon for $144 million, announced last month.

Mohammed Al-Hassan, co-founder and CEO said: “We are delighted as GII continues to grow its portfolio in UK after it last acquisition in 2015. This transaction highlights the commitment to invest in modern and well-let assets to strong covenants, such as Total where they have operated historically for over 50 years.”

He confirmed that GII plans to keep acquiring high quality income yielding real estate assets in US, UK, and Germany.

Pankaj Gupta, co-CEO of GII added: “TWe focus on good properties with specific tenant stories indicating commitment to the property. We managed to enter the Aberdeen real estate market at the bottom of the real estate cycle and are already witnessing strong uptick in demand on the back of improved fundamentals and uptick in oil prices.”

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Fri 26 Jan 2018 10:08 AM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.