Gulf Islamic Investments acquires The Concourse Office Park in Florida for $50mln

-Through this transaction, Gulf Islamic Investments achieves an AUM of over $2.1 billion and is on track to achieving a total AUM of $3 billion by end of 2021

-Gulf Islamic Investments is rapidly expanding and diversifying investments across Europe, North America and the UK, with forthcoming projects in 2021 spread across asset classes including healthcare, logistics, real estate and technology.

JACKSONVILLE, FLORIDA: Gulf Islamic Investments (GII), a leading Shari’ah-compliant global financial services firm, announced the acquisition of The Concourse Office Park, a prominent suburban office campus in Jacksonville, Florida for a total investment value of approximately $50 million. This transaction marks GII’s first realty acquisition in Florida and the firm’s fourth US property acquired in the last 5 years. With this acquisition, the total value of GII’s US real estate portfolio stands at well over $250 million and reflects an increase of over 20 percent in the firm’s total real estate footprint in North America.Mohammed Alhassan, Founding Partner and Co-CEO of Gulf Islamic Investments commented: “We are excited to make this investment in The Concourse Office Park in Jacksonville, one of America’s fastest growing cities in the wake of the global pandemic. This acquisition is a testament to GII’s capabilities, speed and vigilance in sourcing and developing world-class real estate investment opportunities in some of the most coveted international markets. As we craft the next chapter of GII’s growth, expanding our realty portfolio in North America, with a special focus on tier 2 cities, will remain one of our utmost priorities.”

Pankaj Gupta, Founding Partner and Co-CEO of Gulf Islamic Investments commented: “GII’s debut investment in Florida is anchored by our extensive analysis of the state’s positive economic dynamics, both at the macro and micro level. Not only is Florida the fourth largest US state in terms of GDP but it also boasts attractive lifestyle offerings, a minimal cost of living and low tax environment, all of which make it an ideal investment destination, ensuring property liquidity and income sustainability in the long-term. We are confident that this acquisition will prove a significant investment within GII’s growing North American property portfolio.”

Developed between 1998 and 2001, The Concourse Office Park encompasses a total lettable area of 288,000 square feet and comprises three four-storey buildings - Concourse I, II and III - situated at 5200, 5210 and 5220 Belfort Road respectively. In addition to offering state-of-the-art facilities, the property is ideally suited to current public health standards and social distancing measures with exceptionally large common areas and numerous outdoor areas with greenery and walking trails.

The Concourse Office Park includes frontage on Interstate 95 and is centrally located in the Baymeadows neighborhood; the heart of Jacksonville’s coveted suburban Southpoint submarket. It routinely ranks as one of the best properties in the Southpoint sub-market commanding a continuous premium in terms of occupancy. Current occupancy stands at 87 percent with leading tenants from the healthcare space.The property has been institutionally maintained with a multimillion capex program conducted over the past 3 years. As part of the transaction, GII also underwrote over $5 million in tenant improvements and capex over the investment period to strengthen the property’s positioning.The Concourse Office Park was acquired in an off-market transaction. Legal advice was provided by Orrick Herrington & Sutcliffe, while the acquisition was made alongside Jack Sitt Real Estate.

Real estate remains an increasingly high conviction investment theme for GII. In March 2021, GII completed its largest real estate transaction to date: the landmark $301 million acquisition of Altaïs Towers, a commercial high-rise property located in the eastern Parisian suburb of Montreuil. Alongside Europe and the UK, North America represents a key market for GII with previous property acquisitions including a Dun & Bradstreet office in Allentown, Pennsylvania, the Realogy HQ in Madison, New Jersey and Grand Street Plaza in White Plains, New York. In the coming 6 months, the firm plans to strengthen and reinforce its position in commercial real estate in the US and deploy value-add strategies in the multi-family space.

For more information on Gulf Islamic Investments, please visit www.gii.ae

For high-resolution images of The Concourse Office Park, GII leadership and logos, please see: https://bit.ly/3APP8eJ

For media enquiries, please contact Natasha D’Souza at communications@gii.ae

About Gulf Islamic Investments

Gulf Islamic Investments LLC (GII) is one of the world’s leading Shari’ah-compliant financial services firms. With nearly $2 billion of assets under management, GII seeks to create superior returns and long-term value on behalf of its investors, shareholders, portfolio companies and the communities in which it invests. Under the leadership of a committed group of prominent shareholders and investors, GII deploys private capital across a diverse set of business segments including real estate, private equity, and venture capital. GII’s client network includes UHNWIs, family offices, banks, institutions, and sovereign wealth funds in the GCC and Asia. GII is based in the United Arab Emirates and is regulated by the Securities and Commodities Authority (SCA).

© Press Release 2021