Kuwait's KAMCO Investment Company has signed an agreement to acquire a newly built office building located in the United States in a deal worth $113 million.
The office building serves as the General Electric Company's new US Global Operations Centre and was acquired through the Carter real estate investment, development and advisory firm.
The property provides approximately 104,000 sq m of office space and is located in the heart of the Cincinnati Central Business District.
KAMCO said in a statement that the investment opportunity in the office building is expected to provide a highly attractive income return, and is projected to yield net cash returns of 6 percent per annum or above.
KAMCO's chief investment officer, Khaled Fouad, said: "This is yet another illustration of KAMCO's prominent role in identifying and structuring investments in good quality durable assets that provide periodic fixed income cash flow streams.
"KAMCO's acquisition of GE's US Global Operations Centre is in tune with the company's private equity deals in the global and regional real estate sector. We believe that this prime asset offers long-term value in combination with attractive current yields."
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