KFH Cap­i­tal ac­quires of­fice tower in US for $165 mil­lion

Al-Mar­zouq: Tower near Manhattan leased to Pana­sonic

Kuwait Times - - BUSINESS -

KFH Cap­i­tal In­vest­ment Co, a sub­sidiary of Kuwait Fi­nance House Group KFHGroup, has an­nounced the suc­cess­ful ac­qui­si­tion of an of­fice tower in New Jersey, USA for $165 mil­lion as part of KFH Cap­i­tal’s plans aim­ing at in­vest­ing in good in­come-gen­er­at­ing as­sets.

Ab­dul-Aziz Nasser Al-Mar­zouq, KFH Cap­i­tal’s CEO, said in a press re­lease that an in­vest­ment fund man­aged by KFH Cap­i­tal suc­cess­fully closed the deal of ac­quir­ing the tower that houses Pana­sonic Corp of North Amer­ica’s head­quar­ter in New Jersey for $165 mil­lion. Al-Mar­zouq added that such kind of deals are deemed as a qual­i­ta­tive and suc­cess­ful in­vest­ment as they en­joy sev­eral ad­van­tages in terms of the wor­thy yields and ex­cel­lent lo­ca­tion.

Al-Ma­zouq said that the prop­erty is an of­fice build­ing of 12 floors with to­tal rental space of 337,543 square feet and lo­cated in an area sur­rounded by ma­jor mar­kets. The build­ing is about 8 miles away from west of Manhattan in New York City.

He added that the build­ing con­struc­tion was com­pleted in late 2013. It is fully rented by Pana­sonic Cor­po­ra­tion of North Amer­ica for a pe­riod of 15 years started from last May, the mat­ter that guar­an­tees reg­u­lar cash flows as Pana­sonic Cor­po­ra­tion of North Amer­ica is a ful- ly owned sub­sidiary for the par­ent com­pany, Pana­sonic Cor­po­ra­tion that en­joys the credit pro­file of A- rated by Stan­dard & Poor’s. The build­ing is also con­sid­ered as a sig­nif­i­cant cen­ter for Pana­sonic Cor­po­ra­tion in terms of mar­ket­ing, sales, ser­vices, re­search and de­vel­op­ment through­out North Amer­ica.

Mov­ing for­ward, Al-Mar­zouq em­pha­sized on the con­tin­u­ing keen­ness of KFH Cap­i­tal to en­ter into in­come-gen­er­at­ing in­vest­ments with high qual­ity as­sets as a part of the ef­forts aim­ing at achiev­ing the best re­turns, not­ing that the afore­men­tioned prop­erty is an at­trac­tive in­vest­ment op­por­tu­nity with added value.

More­over, he said that the Pana­sonic build­ing is one of the prop­er­ties that has an ad­vanced tech­nol­ogy and has re­ceived a num­ber of cer­tifi­cates and awards such as LEED Plat­inum In­te­ri­ors as well as LEED Core and Shell.

KFH was es­tab­lished in Kuwait in 1977 and is en­listed in the Kuwait Stock Ex­change. KFH Group is a global pi­o­neer in the field of Is­lamic bank­ing ser­vices, where it of­fers a wide ar­ray of Is­lamic prod­ucts and ser­vices, not to men­tion a high stan­dard of in­no­va­tion and client ser­vice.

KFH man­ages its op­er­a­tions in the GCC, Asia, and Europe through over 446 branches, in­clud­ing KFH-Turkey, in or­der to of­fer ser­vices for the

Ab­dul-Aziz Al-Mar­zouq

bank’s clients in Turkey, Malaysia, Saudi Ara­bia, Bahrain, Ger­many, Jor­dan, and Dubai.

KFH’s mis­sion is to achieve high­est lev­els of ex­cel­lence and in­no­va­tion in the field of client ser­vice, while de­vel­op­ing com­mon in­ter­est for all those con­cerned with the fi­nan­cial in­sti­tu­tion. KFH’s vi­sion is to spear­head the global de­vel­op­ment in Is­lamic fi­nan­cial ser­vices, and to up­grade the bank into the level of be­com­ing the most sus­tain­able prof­itable Is­lamic bank in the world.

BUENOS AIRES: Ar­gentina’s Pres­i­dent Mauri­cio Macri (cen­ter) walks with Fi­nance Min­is­ter Al­fonso Prat-Gay (left) and Cab­i­net Chief Mar­cos Pena, to a press con­fer­ence at the pres­i­den­tial res­i­dence in Buenos Aires, Ar­gentina. Macri is shak­ing up his eco­nomic team a year into an ad­min­is­tra­tion that has strug­gled to spur growth and lower in­fla­tion. —AP

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