|02 March, 2020

UAE's Gulf Islamic Investments buys New York office building

Firm exploring similar opportunities in Paris

The Hudson Yards development, a residential, commercial, and retail space on Manhattan's West side, is seen towering over the West Side Rail Yard in New York City, New York, U.S., March 15, 2019.

The Hudson Yards development, a residential, commercial, and retail space on Manhattan's West side, is seen towering over the West Side Rail Yard in New York City, New York, U.S., March 15, 2019.

REUTERS/Brendan McDermid

Gulf Islamic Investments (GII) has acquired a property in New York, just half an hour away from bustling Manhattan.

The acquisition brings the UAE-based financial services firm’s US portfolio to more than $230 million.

The property is an office building in White Plains, Westchester County, with a leasable area of 220,000 square feet, and is currently over 90 percent occupied by more than 30 tenants.

It is also strategically located, as it’s close to the Federal, Supreme, District and Country courthouses in New York.

“The subject offering attracted investors’ interest beyond expectations, given the strong transaction fundamentals in a time where markets are relatively volatile globally. GII has great confidence in the US market given the attractive risk spread, strong liquidity and transparent business environment.” Mohammed Al-Hassan, Co-Founder and CEO GCC said in a statement.

According to Pankaj Gupta, co-founder  and CEO,  the global economy continues to signal a low-interest rate regime for the foreseeable future, hence, GII sees that such long income assets can deliver high single-digit returns.

“GII is exploring such opportunities in Paris real estate market, too, with the view of taking advantage of [the] impact of Brexit event and would soon be offering some prime opportunities to its invaluable client base,” Gupta added.

(Writing by Nada Al Rifai; editing by Cleofe Maceda)

Nada.rifai@refinitiv.com

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