Gatehouse Bank completes $92.7m Scotland deal

Shariah-compliant lender is a UK subsidiary of Securities House Kuwait
Gatehouse Bank completes $92.7m Scotland deal
Fahed Boodai, co-founder and chairman of Gatehouse Bank
By Shane McGinley
Mon 09 Jul 2012 02:22 PM

Gatehouse Bank, the UK subsidiary of Securities House Kuwait, has acquired a GBP59.9m ($92.7m) commercial complex in Scotland, the Shariah-compliant investment bank announced on Sunday.

The London-based firm completed the multi-million pound acquisition of the Bridge View and Consort House in the northern Scottish city of Aberdeen and is forecast to provide an average annual cash return of 7.50 percent over a three year.

The 159,170 square foot property is occupied and fully let to leading oil and gas service provider Petrofac as their North Sea office headquarters, as well as The Scottish Ministers (NHS), for a long lease term of 14 years, the statement said.

"The Petrofac acquisition maintains our solid reputation in the UK real estate market, to deliver high quality investment opportunities that generate solid returns on behalf of our investors. Gatehouse Bank's team of real estate experts sourced an excellent covenant in a major oil and gas provider and favourable real estate lease terms and conditions, to create an attractive offering which investors have capitalised on immediately," said Fahed Boodai, chairman of the board of directors at Gatehouse Bank.

"The Aberdeen office market has seen a greater take up of space last year than any other key regional centre outside the south east, and is likely to remain buoyant for the foreseeable future,” Adam Cavanagh, Head of Real Estate at Gatehouse Bank, said of the motivation behind the deal.

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