By Joanne Bladd
Deal brings value of real estate portfolio to more than £200m, says Securities House subsidiary
Gatehouse Bank, a subsidiary of Securities House Kuwait, said Monday it had acquired the Scotland manufacturing facility of Rolls-Royce in a transaction valued at £52.7m ($87.96).
The contract brings the property portfolio of the London based Sharia-compliant bank to more than £200m ($256.8m), following deals for student accommodation and the UK headquarters of hotel chain InterContinental.
The manufacturing and logistics hub in Glasgow has been purchased with Rolls-Royce as a confirmed tenant until July 2022. According to Gatehouse, the lease has minimum fixed annual rental uplifts of 1.4 percent and will deliver an annual cash yield of 8 percent – or £4.8m – over three years.
Chairman of Gatehouse Bank, Fahed Boodai, said the company continued to create a pipeline of “high-yielding and long-income type transactions” in the commercial real estate market.
The company said in February it planned to bring a £60m ($96.77m) Islamic bond to market by the end of the first quarter and would also arrange a £25m syndicated lease financing this year.
CEO Richard Thomas said Gatehouse was also mulling the creation of a real estate investment trust and looking at opportunities in trade finance.