GFH Financial Group announces acquisition of a distribution facility in Chicago, Illinois
Bahrain-based GFH Financial Group has announced the acquisition of a distribution facility in Chicago, Illinois in a deal worth over $135 million.
The facility has been leased since November 2015 to blue chip tenant, Michelin North America, the international tyre brand.
The transaction marks the continued expansion of GFH’s global portfolio of income generating real estate assets including prime distribution centres, logistics assets and last mile delivery facilities in the US and Europe.
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The transaction was undertaken in partnership with Silver Creek Commercial Development, a US-based asset manager with a track record of over $2 billion in logistics transactions.
The facility is one of only two bulk logistics centres used by Michelin in the US, handling 35 percent of the company’s imported inventory and therefore sitting at the heart of its US operations.
Razi Al Merbati, CEO of GFH Capital, said: ���With this transaction, we continue to further our efforts to diversify and expand our portfolio of international, blue chip real estate assets. This includes new acquisitions of prime properties in strategic geographies for us including the US.
Razi Al Merbati, CEO of GFH Capital.
“This is especially true in the distribution and logistics segment today, where demand is strong for well-located facilities close to major urban centres and populations that require faster and more seamless access to goods. With this deal, we move further towards solidifying our position as a leading real estate investor in the US and look to transact on the strong pipeline of other unique opportunities we have in place.”
Salem Patel, head of asset management, at GFH, added: “We are continuing to look at further investments in the sector globally and to maximise the value of this and our growing portfolio of logistics centres for the benefit of the Group, our shareholders, investors and partners.”