Gulf Islamic Investments (GII), a leading shari’ah-compliant global financial services firm, has announced the acquisition of The Concourse Office Park, a prominent suburban office campus in Jacksonville, Florida for a total investment value of $50 million. 

 

Developed between 1998 and 2001, The Concourse Office Park encompasses a total lettable area of 288,000 sq ft and comprises three four-storey buildings - Concourse I, II and III - situated at 5200, 5210 and 5220 Belfort Road respectively. 

 

In addition to offering state-of-the-art facilities, the property is ideally suited to current public health standards and social distancing measures with exceptionally large common areas and numerous outdoor areas with greenery and walking trails.

 

This transaction marks GII’s first realty acquisition in Florida and the firm’s fourth US property acquired in the last 5 years. With this acquisition, the total value of GII’s US real estate portfolio stands at well over $250 million and reflects an increase of over 20 percent in the firm’s total real estate footprint in North America.

 

Mohammed Alhassan, Founding Partner and Co-CEO, said: "GII is excited to make this investment in The Concourse Office Park in Jacksonville, one of America’s fastest growing cities in the wake of the global pandemic."

 

"This acquisition is a testament to GII’s capabilities, speed and vigilance in sourcing and developing world-class real estate investment opportunities in some of the most coveted international markets. As we craft the next chapter of GII’s growth, expanding our realty portfolio in North America, with a special focus on tier 2 cities, will remain one of our utmost priorities," he added. 

 

Pankaj Gupta, Founding Partner and Co-CEO said: "GII’s debut investment in Florida is anchored by our extensive analysis of the state’s positive economic dynamics, both at the macro and micro level."

 

"Not only is Florida the fourth largest US state in terms of GDP but it also boasts attractive lifestyle offerings, a minimal cost of living and low tax environment, all of which make it an ideal investment destination, ensuring property liquidity and income sustainability in the long-term. We are confident that this acquisition will prove a significant investment within GII’s growing North American property portfolio," he added.-TradeArabia News Service