Kamco Invest acquired three fully leased office buildings in each of Surrey and Bristol, England and Hamilton, Scotland. The properties are expected to generate a net cash yield of 8.5% annually and offer 208,262 sq ft of office space with an average lease term of seven years.
The single-let Bristol property is occupied by Everything Everywhere, a member of one the UK’s largest communications group, the BT Group, and is situated in Aztec West, Bristol’s premier busines park. The property in Hamilton is also leased to a single tenant, Scottish Power, a subsidiary of the global energy giant Iberdrola, and is situated in Hamilton International Park, one of Scotland’s premier business parks. The Surrey property, located on the outskirts of London in Hillswood Business Park, is a multi-let property occupied by electronics giant Samsung and the UK’s leading serviced offices provider Regus, who both have been tenants since 2010.
Kamco Invest Executive Director of Real Estate Investments, Mr Mohammad Al Othman said, “This acquisition falls in line with our commitment to grow our real estate platform with prime assets, providing alternative investment solutions. In the past few years, we have managed to build a successful track record, while expanding on our international real estate platform to US$ 1.2 billion in total transaction value. Moreover, the latest acquisitions demonstrate the viability of our regional office strategy, especially in a post COVID-19 environment. We believe that out-of-town office markets in developed economies would benefit from positive trends in regional office demand in response to COVID-19 prevention measures. The three acquired properties are all situated in areas that have witnessed a high demand for Grade A offices and benefit from the surrounding developed infrastructure. Kamco Invest will continue to explore unique opportunities that emphasize the company’s determination to provide diverse and innovative income generating asset streams.”
Kamco Invest currently manages 15 Grade A international commercial properties in the US, UK and Europe, that generate an estimated average annual cash yield of 8% and are leased to tenants with strong financial positions.