GFH acquires mission-critical distribution facility in Chicago for $135mln

The facility has been leased to Michelin North America

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

Image used for illustrative purpose. Bahrain. Modern buildings in Manama skyline.

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UAE - Mubasher: GFH Financial Group has acquired a mission-critical distribution facility in Chicago in Illinois in exchange for $135 million, according to a press release on Tuesday.

Since November 2015, the facility has been leased to Michelin North America, an international tire brand and tire industry innovator, handling 35% of the company’s imported inventory.

The transaction is part of the expansion of GFH’s global portfolio of income-generating real estate assets, including distribution centres, logistics assets, and delivery facilities in the US and Europe.

The acquisition was implemented in partnership with Silver Creek Commercial Development, a US-based asset manager.

The facility is located close to the BNSF Logistics Park Chicago and the UP Joliet Intermodal Facility, which are transport centres managing around six million TEUs annually.

The CEO of GFH Capital, Razi Al Merbati, commented: "With this deal, we move further towards solidifying our position as a leading real estate investor in the US and look to transact on the strong pipeline of other unique opportunities we have in place."

Meanwhile, the Head of Asset Management at GFH, Salem Patel, remarked: "The Chicago-based facility is uniquely positioned in the centre of the country and boasts seamless access to a variety of transport links giving tenants easy access to their customers located across major US states and commercial centres."

GFH is listed on Bahrain Bourse (BHB), Boursa Kuwait, and the Dubai Financial Market (DFM).

Source: Mubasher

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