Bahrain-listed GFH Financial Group has acquired a warehousing and distribution logistics facility in the US state of Ohio, that is leased to courier giant FedEx Inc, in a $100 million deal.
It comes as the group is scaling up its global logistics platform with recent acquisitions of the Amazon Spain Portfolio and the US-based Michelin distribution facility in Chicago, Illinois.
“The logistics and distribution real estate sector has proven to be one of the most dynamic sectors of commercial real estate. An increase in global trade and e-commerce, as well as development in supply chain management, has created an increased structural demand for warehousing space, and hence further growth,” said Razi Al Merbati, chief executive officer of GFH Capital KSA, which is the investment banking arm of GFH Financial Group.
“As part of our investment strategy, we have been investing in this dynamic sector and building a solid and diversified portfolio,” he added.
GFH Financial Group today announced the acquisition of a US-based warehousing and distribution logistics facility situated in Ohio and fully leased to FedEx Inc. in a transaction valued at approximately US$100 million. #DeliveringDistinction #TeamGFH pic.twitter.com/5wYZSb2mOy
— GFH Financial Group (@GFH_BSC) June 26, 2021
The pandemic has fuelled e-commerce growth – according to the Adobe Digital Economy Index, e-commerce worldwide reached $876 billion in the first quarter of 2021.
A statement from GFH said the growth of e-commerce “is significant across the North American landscape and therefore, fuelling increasing demand from logistics players such as FedEx to be located in central and strategic hubs to satisfy demand”.
The purchase marks more than $300m invested in GFH’s North American and European logistics operations, while the company has over $12bn of assets under management globally.
“We are excited to be able to secure another high quality asset that has the location, tenant strength and physical attributes, which are highly sought after. We look forward to announcing several other transactions in the sector this year across North America and Europe, supported by our conviction in the ongoing growth of the logistics sector globally and the opportunities that it presents for GFH and our shareholders and investors,” Nael Mustafa, co-chief investment officer of real estate at GFH said.
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