Gulf Islamic Investments (GII), a leading shari’ah-compliant global financial services firm, has announced that it has acquired the Glen Forest Office Portfolio; a best-in-class, core-plus suburban office development in Virginia, US, for $100 million.

 

The acquisition is GII’s first in Virginia, thus bringing the value of the firm’s US real estate assets unde management (AUM) to over $350 million and a total AUM of $3 billion.

 

The Glen Forest Office Portfolio (Portfolio) consists of eleven-buildings strategically situated on an 85-acre campus between Glenside Drive, Forest Avenue, and Interstate 64 in Richmond. 

 

The Richmond metropolitan area is 110 miles from Washington, DC and considered one of America’s strongest office sub-markets and routinely ranks among the top 50 cities for living, work and travel in the US.

 

Mohammed Alhassan, Founding Partner and Co-CEO of GII, said: "The successful acquisition of the Glen Forest Office Portfolio marks a significant milestone in the GII growth story as we strategically advance our real estate footprint in the US."

 

"Our investment in the Portfolio amply demonstrates GII’s diligence and vigilance when it comes to curating exceptional investment opportunities that provide attractive returns for our investors. As we head into 2022, GII is ready to embark on its next stage of expansion, leveraging our firm’s global reach and rich expertise to better serve our investors and stakeholders," he added.

 

Located within 15 minutes from Richmond International Airport, the portfolio is the nearest premium office destination for some of Richmond’s most affluent communities and newest apartment developments. 

 

It spans 567,000 sq ft - including eight Class A office buildings, one medical office building, and two Class B office buildings - and offers a campus-style working environment and state-of-the-art facilities; including an on-site cafe and fitness center, said the GII statement. 

 

The portfolio is 86% leased to a diverse mix of tenants, including medical, financial, consulting, and legal enterprises; with an average lease term of 4.9 years, it added.

 

Founding Partner and Co-CEO Pankaj Gupta said: "As thematic investors, this acquisition adds immediate and meaningful breadth and scale to our portfolio, while enhancing our positioning as we further develop our investment activities in the US."

 

"The Glen Forest Office Portfolio in particular, is a prime example of GII’s approach towards commercial real estate; where we analyze geographic and demographic shifts in America’s emerging metropolitan areas, identifying cities that cater to savvy young professionals and tenants in growing sectors," he noted. 

 

"Richmond, in particular, demonstrates rising appeal with millennials due to its pro-business attitude, low-cost of living and proximity to Washington, DC. We are delighted to make this investment in the portfolio and look forward to significant synergies in the region," he added.-TradeArabia News Service