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 center of White Plains with a leasable area of 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% occupied by over 30 tenants, said a statement from GII.
The location of the property, the quality of the asset institutionally 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, it stated.
Co-Founder and GCC CEO Mohammed Al Hassan said: "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 year-end confirming our position as a leading cross-border investment player regionally."
"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," he stated.
Co-Founder and UAE CEO Pankaj Gupta said: "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 and core plus real estate assets with high grade tenants in gateway cities of US, UK and Western Europe."
"The global economic situation continues to signal low interest rate regime for foreseeable future and hence we continue to hold our belief in having such long income assets capable of delivering high single digit returns," noted Gupta.
"Also, GII is exploring such opportunities in Paris real estate market too with the view of taking advantage of impact of Brexit event and would soon be offering some prime opportunities to its invaluable client base," he added.-TradeArabia News Service
Gulf Islamic Investments buys prime US office property
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