Kuwait Financial Centre (Markaz) has announced the sale of an industrial property in the US, netting a 49 percent return on investment.

The greenfield site in Reno, Nevada, in the USA, was developed into Longley Commerce Centre, a 270,975 sq.ft. industrial building. The development was launched in March 2018 and was sold at a 49.3 percent return on investment, Markaz said in a press release, adding that the exit delivery yielded an internal net rate of return to investors of 17.9 percent.

Abdullatif Al-Nusif, Executive Vice President of Wealth Management and Business Development, of Mar-Gulf Management Inc., a wholly-owned US-based subsidiary of Markaz said: “The COVID-19 pandemic has no doubt created uncertainty in the market due to the unprecedented nature of the event, however I would like to reiterate that this will create unique opportunities that we at Markaz are ready to capture.”

Markaz and Mar-Gulf have been involved in the ownership and development of real estate in the US, with a total acquisition cost exceeding $1.65 billion, the company said.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@refinitiv.com

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