By Staff writer
Gulf Islamic Investments says it is looking to buy more real estate assets in US, UK, Germany and other parts of Europe
Gulf Islamic Investments, a UAE based Islamic financial services company, has announced that it has acquired a commercial property in Pennsylvania, US in a deal worth $48 million.
The Class A Commercial Building '3501 Corporate Parkway' is situated in Center Valley (Allentown) and has net leasable area of 178,330 square feet, the company said in a statement.
It added that the building is fully let out to investment grade tenant Dun & Bradstreet Corporation for a term of approximately 11 years and is the largest corporate office of Dun & Bradstreet.
Gulf Islamic Investments said the building was acquired for approximately $48 million with part of the acquisition financed through a five-year sharia compliant loan.
"We are very enthused to have made our first foray in real estate in the United States, one of most matured and regulated real estate markets in the world," said Mohammed Al-Hassan, co-founder and co-CEO, GII.
He added: "We are continuously scouting for interesting real estate investment opportunities for generating superior risk adjusted returns for our valuable investors."
Pankaj Gupta, co-founder and co-CEO of Gulf Islamic Investments added: "We have plans to acquire high quality income yielding real estate assets in US, UK, Germany and other parts of Europe and also to invest selectively in attractive value add development opportunities in these regions."
Wow, they got ripped off. Building isn't worth more than 20-25 mil. I guess they got money to burn...