GII acquires property in New York
DUBAI: Gulf Islamic Investments (GII) has announced the acquisition of 140 & 150 Grand Street Plaza, an office building in White Plains, Westchester County, New York, USA on behalf of its investors.
Located just 30 minutes away from manhattan, the Class A office building seats within the urban centre of White Plains with a leasable area of c. 220,000 sq. ft.
The Property is strategically located within one block of the Federal, Supreme, District and County courthouses making 140 & 150 Grand Street the preferred destination for government-affiliated and law-related tenants. The property is currently over 90 per cent occupied by 30+ tenants.
The location of the property, the quality of the asset institution ally maintained together with the robust tenancy schedule position this investment in a Core Plus investment bracket that is expected to generate attractive risk-adjusted returns for GII’S investors.
Mohammed Al-hassan, Co-founder & CEO GCC commented: “GII’S strong performance in 2019 underscore by overseas acquisitions of over $300 million assets and recent exceptional exit of investment in Germany worth $150 million, GII continues to aggressively build on its expertise and capitalise on current market momentum. We target to build our asset under management to $2 billion by the end of 2020 confirming our position as a leading crossborder investment player regionally.” And added:
“The subject offering attracted investors’ interest beyond expectations given the strong transaction fundamentals in a time where markets are relatively volatile globally. GII has great confidence in the US market given the attractive risk spread, strong liquidity and transparent business environment.”
Pankaj gupta, co-founder& ceouae mentioned: “We are very pleased to announce this acquisition of multi-tenanted commercial asset in White Plains. This New York upstate market acquisition is very much in lines with our strategy to acquire income generating core & core plus real estate assets with high grade tenants in gateway cities of US, UK & Western Europe.”