Gulf Islamic Investments acquires the Glen Forest office portfolio for $100mln

• The 11-building portfolio in western Henrico County is Gulf Islamic Investments’ first acquisition in the U.S. state of Virginia and is cited among the region’s largest commercial real estate transactions in 2021
• This acquisition brings the value of the firm’s U.S. real estate AUM to over $350M with a total AUM of $3 billion
• Commercial real estate remains a high conviction investment theme for the firm, with a focus on core-plus and value-add strategies in the U.S. in 2022
• Gulf Islamic Investments is rapidly expanding and diversifying investments across Europe, North America and the UK, with forthcoming projects in 2022 spread across asset classes including healthcare, logistics, real estate and technology.

RICHMOND, VIRGINIA - Gulf Islamic Investments (GII), a leading Shari’ah-compliant global financial services firm, announced its acquisition of the Glen Forest Office Portfolio; a best-in-class, core-plus suburban office development in Richmond, Virginia. The acquisition, made for an investment value of approximately $100 million, is GII’s first in Virginia, bringing the value of the firm’s U.S. real estate AUM to over $350M and a total AUM of $3 billion..

The Glen Forest Office Portfolio (Portfolio) consists of eleven-buildings strategically situated on an 85-acre campus between Glenside Drive, Forest Avenue, and Interstate 64 in Richmond. The Richmond metropolitan area is 110 miles from Washington, DC and considered one of America’s strongest office sub-markets and routinely ranks among the top 50 cities for living, work and travel in the United States.

Mohammed Alhassan, Founding Partner and Co-CEO of GII, commented: “The successful acquisition of the Glen Forest Office Portfolio marks a significant milestone in the GII growth story as we strategically advance our real estate footprint in the U.S. Our investment in the Portfolio amply demonstrates GII’s diligence and vigilance when it comes to curating exceptional investment opportunities that provide attractive returns for our investors. As we head into 2022, GII is ready to embark on its next stage of expansion, leveraging our firm’s global reach and rich expertise to better serve our investors and stakeholders.”

Pankaj Gupta, Founding Partner and Co-CEO of GII, said: “As thematic investors, this acquisition adds immediate and meaningful breadth and scale to our portfolio, while enhancing our positioning as we further develop our investment activities in the U.S. The Glen Forest Office Portfolio in particular, is a prime example of GII’s approach towards commercial real estate; where we analyze geographic and demographic shifts in America’s emerging metropolitan areas, identifying cities that cater to savvy young professionals and tenants in growing sectors. Richmond, in particular, demonstrates rising appeal with millennials due to its pro-business attitude, low-cost of living and proximity to Washington, DC. We are delighted to make this investment in the Portfolio and look forward to significant synergies in the region.”

Located within 15 minutes from Richmond International Airport, the Portfolio is the nearest premium office destination for some of Richmond’s most affluent communities and newest apartment developments. It spans 567,000 square feet - including eight Class A office buildings, one medical office building, and two Class B office buildings - and offers a campus-style working environment and state-of-the-art facilities; including an on-site cafe and fitness center. The Portfolio is 86% leased to a diverse mix of tenants, including medical, financial, consulting, and legal enterprises; with an average lease term of 4.9 years.

Commercial real estate remains a high conviction investment theme for GII. The Glen Forest Office Portfolio represents GII’s second U.S. commercial property acquisition this year, following the July 2021 acquisition of a prime office campus in Jacksonville, Florida - and its fifth U.S. property acquisition overall. 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. In the coming year, the firm plans to strengthen and reinforce its position in commercial real estate in the U.S., focussing on core-plus and value-add strategies.

GII conducted the acquisition in partnership with Jack Sitt Real Estate in New York. Dentons US LLP represented GII in its acquisition and financing of the Glen Forest Office Portfolio, with Richard Stempler, New York Real Estate Finance Partner leading the Dentons US team assisted by Jon Linder, New York Senior Managing Associate.

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For more information on Gulf Islamic Investments, please visit www.gii.ae 
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 over $3 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