Financial Times
In a prepared statement the Gulf Finance House said it plans to capitalise on this trend by launching the Gulf Atlantic Real Estate fund, which is structured to comply with the Islamic Shari'ah law's strictures on usury. Despite this, it has been able to leverage its equity with the Nationwide Building Society, assembling a £200 million ($310 million) war chest.
GFH Partner Ahmed Al Qattan said: "The appetite for UK-European investment is very strong in the Gulf in the current climate of uncertainty over US stocks, which is why Gulf Atlantic was successful in raising the equity fund in a matter of weeks."
To kick off the fund's investment programme, GFH has bought One City Place, a 140,000-sf office building at Gatwick, from airport operator BAA Lynton for £41.7 million ($64 million). The four storey office building has been let to BritishTelecom on a 15 year lease at £22.50 ($34.65) per sf.
Knight Frank acts as property advisor to the fund.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.