Global acquires the fourth property in the United Kingdom, raising the total value of acquired assets to GBP 250 mn
The Property comprises an office, retail and a car park campus extending to over 295,000 sq. ft. located in Sheffield’s City Center. In addition to the UK Government which rents the office element of the Property, other tenants include National Car Parks (NCP), the largest car park management company in the UK and Argos, a well-known consumer goods retailer. The Weighted Average Unexpired Lease term is in excess of 9.5 years and contains no break options.
This acquisition is a continuation of the UK National Commercial Real Estate Program which Global’s real estate team launched, in partnership with London based Greenridge Investment Management Limited (“Greenridge”), in September 2015. The program strategically identifies off-market investment opportunities outside Central London that are characteristically of Grade A specification and which produce rental income derived from Investment Grade or Government tenants on long-term triple net leases.
In the fifteen months since the launch of the Program, properties have been acquired with a current value exceeding GBP 250 million. Portfolio tenants from the previously acquired three properties include National Air Traffic Services (NATS), 3M Co and the National Health Services (NHS) of Scotland. These properties have successfully distributed an average annualized cash dividends of 8.9% to date.
On this occasion, Senior Vice President of Real Estate Asset Management at Global Nasser Al-Khaled, commented “We have built a strong partnership with Greenridge, a good track record of fulfilling asset management initiatives and have distributed in excess of our targets. We look forward to leverage on our experience and track record to further grow our portfolio of properties”
He added, “Investing via the London and GCC based platform enables investors to achieve speed of entry to the market together with the ability to deploy capital into fully visible assets. Global and its partner Greenridge takes care of origination, due diligence, structuring, financing, asset management, reporting and eventual exit advice”
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