Kuwait's Global inks $288.5m UK real estate deals

11/05/2016 11:14 AST

Kuwait-based Global Investment House has completed the acquisition of the headquarters of the National Health Services (NHS) of Scotland in Edinburgh.

The company said in a statement that it has also acquired the UK and European headquarters of 3M in Bracknell in a combined £200 million ($288.5 million) deal through its partnership with Greenridge Investment Management Limited.

The property in Edinburgh is leased out to the Scottish Ministers on a long term lease, and is fully occupied by three main departments - the NHS of Scotland, Scottish Ambulance Service and Health Improvement of Scotland.

In total, there are 1,750 staff on-site, the statement said.

It added that the property in Bracknell is let to 3M UK Ltd and houses key back office functions, customer innovation centre and operational data centre.

Global's Real Estate asset management team launched its UK National Commercial Real Estate Program in the summer of 2015, employing the strategy of identifying off market investment opportunities that focus on income producing Grade A commercial properties in locations outside Central London.

The latest acquisitions follow the acquisition of the National Air Traffic Services campus in Solent Park in September.

Nasser Alkhaled, senior vice oresident of real estate asset management at Global, said: "These acquisitions come as further proof that in a short period of time we have built on-the-ground capabilities to identify opportunities for our clients who seek to invest in quality assets which yield attractive long term income."

He added, "We have built a strong partnership with Greenridge... We look forward to further growing our business in the United Kingdom."

Arabian Business