Kuwait's Markaz exits $58mln Parc Santa Fe in US

Markaz generated a rate of return to investors from the sale at 27.7%


Kuwait Financial Centre (Markaz) has completed the sale of Parc Santa Fe, a 344,542 square foot industrial property in the US city of Denver, Colorado, for $58 million.

The sale of the property generated a net internal rate of return to investors (IRR) of 27.7% and a return on equity (ROE) of 49.6%, according to a recent press release.

The mentioned return metrics exceeded the initial estimates of 11.9% and 43%, respectively, backed by strong market selection, excellent project execution, and active monitoring and oversight of the project.

Commenting on the exit, President of Mar-gulf Management Inc., Markaz’s US real estate arm, Sami Shabshab, said, “Our philosophy is and continues to be sector and strategy agnostic under which we identify and source opportunities depending on market trends and timing. We have bought, sold, developed, and renovated real estate assets across all major sectors (industrial, office, multifamily and retail)."

"Our main focus is to create value to our investors, shareholders, and stakeholders through prudent due diligence, timely acquisitions, and world-class execution," he added.

It is worth pinpointing that Markaz’s international real estate portfolio consists of 15 standalone investments worth over $450 million across various markets.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business