Warba Bank ac­quires ‘Ul­tris’ beach apart­ments in Vir­ginia

Kuwait Times - - BUSINESS -

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.

Sha­heen Al-Ghanem

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