Warba Bank acquires ‘Ultris’ beach apartments in Virginia
KUWAIT: Warba bank continues to reinforce its strategy which primarily aims to position the Bank as the Islamic corporate and investment banking champion in Kuwait while expanding its international real-estate investment program. Within this context, the bank announced that it has invested $17.34 million in acquiring a multi-family apartment complex “Ultris” at Banyan Grove located in Virginia Beach-USA.
This marks the second investment in 2017 made by Warba Bank and also sourced by its strategic partner Bentall Kennedy, one of the leading real estate consultancy firms assigned by Warba Bank as its real estate consultant and co-investor for the Bank’s commercial real estate investments in USA. The propriety has been acquired in a joint venture with a locally based operating partner, Croatan Investments that has local knowledge and a long track record in the Hampton Roads area.
The Ultris at Banyan Grove is a Class A, multifamily community comprising 13 buildings with 288 units. Built in 2003, this apartment community boasts spacious floor plans and a full spectrum of community amenities. Centrally located in Virginia Beach, Ultris at Banyan Grove provides convenient access to the Oceanfront area and many of the employment centers throughout Hampton Roads.
About the bank’s new partnership with Bentall Kennedy, Shaheen Hamad Al-Ghanem, Warba Bank’s CEO said: “Our cooperation with Bentall Kennedy has been fruitful and this remarkable acquisition is a continuation of a longterm cooperation between us. It is inline with the Bank’s vigorous international real estate investment program and fulfils our strategy aiming to income diversification and growth of the Bank’s investment portfolio.”
Al-Ghanem further elaborated that the new acquired residential complex is located in a market with low volatility and strong demand for rental housing. It is expected to provide steady income returns throughout the investment period. He added: “Warba Bank aims to expand its real-estate portfolio in the USA promising markets and is currently studying a number of opportunities guaranteed to provide rewarding income and complies with the Bank’s prime policy for investment and risk criteria”.
Al-Ghanem ended: “Investment Banking Group at Warba Bank is fully committed to make risk mitigated investments strictly following investment policies and procedures with the target of generating long term secured returns for the Bank and its investors”.
Previously this year, Warba bank has acquired, in collaboration with Bentall Kennedy, the ManpowerGroup Headquarters, a 280,000-square foot office building in Milwaukee, Wisconsin.
Previously this year, Warba bank has launched its international real estate investment’s program by acquiring a new KIA motors facility in UK. It’s marked with its strategic location in the Industrial Keln Lanek, only a mile and a half from Amenigham which is renown to have the biggest seaports in the United Kingdome along with Grimbsy.