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GII acquires a world-class property in New Jersey

Jul 02

GII acquires a world-class property in New Jersey

Gulf Islamic Investments LLC (GII) announced the acquisition of an office building situated in New Jersey, US on behalf of its investors for more than $120 million.

The property is a winner of multiple design awards and serves as the headquarters of the world’s largest real estate franchiser Realogy based in the United States.

FD Stonewater acted as a co-investment advisor on this acquisition and would provide hands on the ground.

The LEED Certified office building is fully let to Realogy Operations LLC, a subsidiary of Realogy Holding Corp on a long-term unbreakable lease with regular rental uplifts.

Mohammed Alnasri, Chairman of GII, said: GII continues to pursue diversified investment opportunities across a wide range of alternative assets classes. With the continued strength of property fundamentals and interest in yielding assets, we expect our deal flow to continue to cater our investors’ growing appetite for triple net commercial properties across various markets. I am also very excited with potential of our newly formed relationship with Hampshire.”

Mohammed Al-Hassan, co-founder & CEO, GCC, GII, added: The transaction was very attractive to our investor base especially in today’s dovish interest rate scenario, who are looking for high yield generating assets secured by long term income and fixed rate debt offering strong visibility of annual cash flows. We remain committed to invest in modern and well-let assets to strong covenants that provide stable cash yields in growth markets.”

Pankaj Gupta, co-founder & CEO, UAE, GII, added: The quality of the asset and its location - New Jersey - are attractive features of this investment opportunity. From the broader perspective, the commercial real estate market of New Jersey is very buoyant and promising. We are glad to have FD Stonewater as a strong partner whose experience and capabilities have been well leveraged in the transaction.”