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.