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KUWAIT CITY, May 10: Global Investment House (Global) successfully completed the acquisition of the headquarters of the National Health Services (NHS) of Scotland in Gyle Business Park in Edinburgh and of the UK and European Headquarters of 3M in Bracknell. The acquisitions mark the continuation of successfully completed off-market transactions offered by Global to a select group of clients through its partnership with Greenridge Investment Management Limited.
The NHS property is a modern 3-storey flagship building constructed in November 2003 in very high specification, around a large landscaped courtyard, and high quality finishes internally, with a net internal area of 149,934 square feet and 314 car parking spaces. The entire property is leased out to the Scottish Ministers on a long term lease, and is fully occupied by three main departments under the Scottish Ministers’ banner: the National Health Services of Scotland (NHS); Scottish Ambulance Service; and Health Improvement of Scotland. In total, there are approximately 1,750 staff on-site; hence the property is identified as a strategic occupational asset for the Scottish Ministers.
The 3M Property, located in Amen Corner Business Park in Bracknell, is composed of two high specification interlinking office buildings built by the tenant in 2003, with a total net internal area of 184,330 square feet on a site of 11.5 acres. The entire property is let to 3M UK Ltd and the lease is guaranteed by the US conglomerate 3M Company, rated AA- by S&P, and 3M UK Holdings plc. It houses their key back office functions, customer innovation center, and operational data center. The property is situated approximately 1 mile to the west of Bracknel Town Centre, one of the major centers for business within the South East Region, and is 28 miles west of Central London. Bracknell is home to 13 of the world’s top $30 billion brands and the location of more than 3,000 businesses including over 50 global organizations.
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 completion of these two acquisitions comes after acquiring the National Air Traffic Services (en route) campus in Solent Park in September 2015, amidst Global’s drive to scale up the program and aggregate a portfolio of similar assets.
On this occasion, Senior Vice-President of Real Estate asset management at Global Nasser Alkhaled, commented “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. With our first acquisition, we have delivered so far distributions in excess of our targets and achieved the asset management initiatives planned earlier than expected.”
He added, “We have built a strong partnership with Greenridge who have demonstrated their ability to efficiently assist us in executing and managing these assets which are currently valued at over GBP 200 million. We look forward to further growing our business in the United Kingdom.”