Jan 02 2012
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KFH: Deals, real estate partnerships in global markets worth USD 1 billion in 2011
Kuwait Finance House ( KFH ) managed to acquire several selected real estate assets and to enter long-term real estate partnerships with strategic partners in several global markets in 2011 that have a value of USD 1 billion. This comes as part of its plan to expand and diversify its real estate portfolio through acquiring profitable real estate that offer stable returns and have minimal risks.
International Real Estate Department Manager at KFH Ali Al-Ghannam said that KFH signed a partnership agreement with American company Grovner to invest USD 600 million in profitable real estate in the field of health care and medical centers in the United States. This is considered to be the second agreement between the two parties, since Grovner had managed assets for KFH in the health care sector in the United States from 2004-2007. He added that KFH made a significant addition to its overseas real estate portfolio, where it acquired 70,000 square meter real estate for EU 52 million in Sweden. This real estate is central warehouses that offer logistic services, and is KFH 's second real estate investment deal in Sweden, since KFH had invested earlier in 14 Swedish postal centers in 2002. This investment cost EU 320 million, and KFH managed to exit this investment later while making profits.
In 2011, KFH managed to make USD 6.5 million in profits after exiting the second phase of Asia 2 real estate fund in Malaysia, which allowed KFH to achieve annual internal return that reached 15.8%. he noted that before the end of the year, KFH announced that it acquired a residential compound in Canada for CAD 33.3 million and consists of 127 units. This is the first investment with Killam Company that KFH had signed a real estate partnership with in 2010.
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