Acquisition of Glen Forest Office Portfolio, Virginia, represents GII’s second US commercial property acquisition this year.
Gulf Islamic Investment has bought an office development in the US for around $100 million.
The acquisition of the Glen Forest Office Portfolio, in Richmond, Virginia, brings the total value of the Shari’ah-compliant global financial services firm’s US assets under management to over $350 million.
The Portfolio consists of 11 buildings situated on an 85-acre campus. Spanning 567,000 square feet, it includes eight Class A office buildings, one medical office building, and two Class B office buildings.
Pankaj Gupta, founding partner and co-CEO of GII, 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 represents GII’s second US commercial property acquisition this year, following the July 2021 purchase of a prime office campus in Jacksonville, Florida – and its fifth US property acquisition overall.
In March this year, GII completed its largest real estate transaction to date: the landmark $301m acquisition of Altaïs Towers, a commercial high-rise property located in the eastern Parisian suburb of Montreuil.
And Mohammed Alhassan, founding partner and co-CEO of GII, said they are always looking to increase their footprint in the US and across the world. He said: “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.”
GII’s total assets under management currently stands at $3 billion.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)