PHOTO
23 October 2016
DOHA: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the GCC region, acquired General Electric’s (GE) Global Operation Center building located in the United States of America.
KAMCO announced that the 12-story office tower housing GE’s Global Operation Center, located within The Banks “Work, Live, Play” mixed-use development area in downtown Cincinnati, Ohio is categorised as a Class A property.
The strategic location provides returns expected to deliver an approximately 6.5 percent per annum yield and a projected net IRR or internal rate of return of approximately 7.1 percent after a total investment period of 5 years.
The newly built-to-suit state of the art facility is equipped with the latest building accessories and necessary infrastructure to accommodate a large number of offices, and consists of 339,678 square feet of usable commercial space. The property, leased to GE on a triple net 15-year lease, started from October 2016 until 2031 with five additional terms of 5 years with each option extended. Faisal Mansour Sarkhou (pictured), Chief Executive Officer of KAMCO, said that the acquisition was yet another landmark in KAMCO’s expansion plan that the Firm implemented during the beginning of 2016. He also affirmed KAMCO’s strategic focus on the regional and international real estate investments across the identified core markets that provide sustainable returns to the Firm’s stakeholders.
Khaled Fouad, Chief Investment Officer of KAMCO, said, “This investment opportunity emphasises KAMCO’s ongoing determination in providing new diverse and innovative income generating asset streams. KAMCO’s acquisition of the US Global Operations Center is one of GE’s five centers worldwide, and we believe that this prime asset offers long-term value in combination with attractive current yields,”.
DOHA: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the GCC region, acquired General Electric’s (GE) Global Operation Center building located in the United States of America.
KAMCO announced that the 12-story office tower housing GE’s Global Operation Center, located within The Banks “Work, Live, Play” mixed-use development area in downtown Cincinnati, Ohio is categorised as a Class A property.
The strategic location provides returns expected to deliver an approximately 6.5 percent per annum yield and a projected net IRR or internal rate of return of approximately 7.1 percent after a total investment period of 5 years.
The newly built-to-suit state of the art facility is equipped with the latest building accessories and necessary infrastructure to accommodate a large number of offices, and consists of 339,678 square feet of usable commercial space. The property, leased to GE on a triple net 15-year lease, started from October 2016 until 2031 with five additional terms of 5 years with each option extended. Faisal Mansour Sarkhou (pictured), Chief Executive Officer of KAMCO, said that the acquisition was yet another landmark in KAMCO’s expansion plan that the Firm implemented during the beginning of 2016. He also affirmed KAMCO’s strategic focus on the regional and international real estate investments across the identified core markets that provide sustainable returns to the Firm’s stakeholders.
Khaled Fouad, Chief Investment Officer of KAMCO, said, “This investment opportunity emphasises KAMCO’s ongoing determination in providing new diverse and innovative income generating asset streams. KAMCO’s acquisition of the US Global Operations Center is one of GE’s five centers worldwide, and we believe that this prime asset offers long-term value in combination with attractive current yields,”.
© The Peninsula 2016
