UAE-based Gulf Islamic Investments (GII) has announced the acquisition of The Concourse Office Park, a suburban campus in Jacksonville, Florida for a total investment value of about $50 million.
This transaction marks GII’s first realty acquisition in Florida and the firm’s fourth US property acquired in the last five years, a statement said.
It added that the total value of its US real estate portfolio stands at well over $250 million and reflects an increase of over 20 percent in the firm’s total real estate footprint in North America.
Mohammed Alhassan, founding partner and co-CEO of Gulf Islamic Investments, said: “We are excited to make this investment in The Concourse Office Park in Jacksonville, one of America’s fastest growing cities in the wake of the global pandemic.
“As we craft the next chapter of GII’s growth, expanding our realty portfolio in North America, with a special focus on tier 2 cities, will remain one of our utmost priorities.”
Pankaj Gupta, founding partner and co-CEO of Gulf Islamic Investments, added: “Not only is Florida the fourth largest US state in terms of GDP but it also boasts attractive lifestyle offerings, a minimal cost of living and low tax environment, all of which make it an ideal investment destination, ensuring property liquidity and income sustainability in the long-term. We are confident that this acquisition will prove a significant investment within GII’s growing North American property portfolio.”
In March, GII completed its largest real estate transaction to date – the $301 million acquisition of Altaïs Towers, a commercial high-rise property located in the eastern Parisian suburb of Montreuil.
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