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UAE-based Gulf Islamic Investments (GII) has acquired another property in the US for approximately $100 million.
The Virginia-based Glen Forest Office portfolio, a suburban office development, brings the value of the GII's US real estate assets under management (AUM) to over $350 million and its total assets under management (AUM) to $3 billion, the shariah-compliant global financial services firm said in a statement on Sunday.
The portfolio is 86 percent leased to a diverse mix of tenants, including medical, financial, consulting and legal enterprises, with an average lease term of 4.9 years.
The Glen Forest Office portfolio is GII’s second US commercial property acquisition this year, following the July 2021 acquisition of a prime office campus in Florida.
In March 2021, GII completed its largest real estate transaction to date, the $301 million acquisition of Altaïs Towers, located in Paris.
(Writing by Brinda Darasha; editing by Cleofe Maceda)
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