Kuwaiti-owned Jade Merchant Bank (JMB) has announced its latest UK real estate acquisition, the £29 million ($38.5 million) office and R&D complex of leading defence company BAE Systems at Christchurch in Dorset.
The 150,000-sq-ft property was sold by Trinova Real Estate and Morood Investment Company.
A long-term home for BAE Systems, it still has a further 10 years remaining on the current lease. The versatile property provides the tenant with both commercial office and R&D space.
BAE Systems delivers specialist systems engineering and software development activities at the Grange Road site, described by the tenant as, ‘Through life capabilities in design, development, integration and testing of secure networks and information systems.’
The senior team at JMB of Sam Broadhead, CEO, Amr Kenawy, Chief Business Development Officer, and Stuart Jarvis, Investment Director, expressed delight at having concluded the transaction on behalf of a private UAE based family office.
Stuart Jarvis, Investment Director at Jade Merchant Bank, said: "We are delighted to have added this high quality asset to our investor’s portfolio, especially having navigated the operational complexities that Covid-19 has brought."
"The transaction exemplifies the team’s ability to source off-market, secure long-income investments even within the current uncertain market conditions," he stated.
Senior finance was provided to the transaction in the form of an Islamic facility from Abu Dhabi Islamic Bank. Advisors to the purchaser were BNP Paribas Real Estate, Mischon de Reya and Grant Thornton.-TradeArabia News Service
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