Kuwait Financial Centre (Markaz) has announced the sale of its prime industrial property in California, through its US real estate arm, Mar Gulf Management, after netting good returns for the investors (IRR), exceeding initial estimates.
Launched in January 2019, the investment involved the acquisition and development of a greenfield land parcel into a 419,000 sq ft Class A industrial property at Stockton.
Underlining the robustness of its international real estate, Markaz said the exit, which occurred three quarters prior to underwriting estimate, delivered a net internal rate of return to investors (IRR) of 14.7 per cent.
The exit is a strong testimony to the resilience of our investment portfolio as the project weathered the economic ramifications of Covid-19 and over-achieved its initial operational and financial goals, it added.
On the successful exit, Sami Shabshab, President of Mar Gulf Management, said: "We are delighted to announce the exit from our industrial property in Stockton and would like to thank our partners for their role in the strong performance delivered even during these uncertain times."
"The success of the investment further strengthens our strong track record in the US market and confirms the effectiveness of our prudent selection process and best-in-class execution," he noted.
"We remain keen on delivering returns and creating value to our investors by capitalizing on strategic market opportunities. Our investment philosophy remains sector and strategy agnostic under which we identify opportunities based on latest market trends and timing," he added.-TradeArabia News Service
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