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Kuwait-based Warba Bank has expanded its international real estate investment programme with the acquisition of a multi-family apartment complex in the US for $17.34 million.
The investment in Ultris at Banyan Grove, Virginia Beach, marks the second investment in 2017 made by Warba Bank. The property is sourced by its strategic partner Bentall Kennedy, one of the leading real estate consultancy firms assigned by Warba Bank as its real estate consultant and co-investor for the bank’s commercial real estate investments in US.
The propriety has been acquired in a joint venture with a locally based operating partner, Croatan Investments that has local knowledge and a long track record in the Hampton Roads area.
The Ultris at Banyan Grove is a Class A, multifamily community comprising 13 buildings with 288 units. Built in 2003, this apartment community has spacious floor plans and a full spectrum of community amenities. Centrally located in Virginia Beach, Ultris at Banyan Grove provides convenient access to the oceanfront area and many of the employment centres throughout Hampton Roads.
Previously this year, Warba bank acquired, in collaboration with Bentall Kennedy, the ManpowerGroup headquarters, a 280,000-sq ft office building in Milwaukee, Wisconsin, US.
Warba Bank launched its international real estate investment’s programme by acquiring a new KIA Motors facility in the UK.
Shaheen Hamad Al Ghanem, Warba Bank’s CEO, said: “Our cooperation with Bentall Kennedy has been fruitful and this remarkable acquisition is a continuation of a long-term cooperation between us. It is in line with the bank’s vigorous international real estate investment programme and fulfils our strategy aiming to income diversification and growth of the bank’s investment portfolio.”
Al-Ghanem added: “The Investment Banking Group at Warba Bank is fully committed to make risk mitigated investments strictly following investment policies and procedures with the target of generating long-term secured returns for the bank and its investors”.
Fitch Ratings has affirmed Warba Bank's (WB) Long-Term Issuer Default Rating (IDR) at 'A+'; the Outlook is Stable. Fitch has also upgraded the bank's Viability Rating (VR) to 'bb-' from 'b+'.
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