Through Key Property Investment LTD (KPI), its 50/50 U.K. joint venture with St. Modwen Properties plc, the sale was completed on the 16th of April, 2007 yielding a return for KPI of 17% on total costs. KPI's return on equity, for this transaction, amounted to over 84%. Salhia's share from the net profits of the sale will amount to approximately £1.85 million (KD1.06 million).
AbdulAziz Al-Nafisi- Investment Group Head of Salhia Real Estate Company said, "We are delighted with returns that we have attained in the sale and development of Trafford Park and eagerly look forward to closing some other transactions in the near future. In this transaction, Salhia Real Estate Company has clearly reiterated its ability to generate shareholder value beyond its home market."
The 360,000 sq ft (33,444 sq m) building, believed to be the largest single letting in the North West of England so far this year, will be let on completion to Adidas Group at a rent of £4.75 per sq ft for 15 years. The completion of the development is scheduled for November 2007.
The property, once completed, will comprise a state of the art, high bay distribution facility providing accommodation totaling some 358,367 sq ft (33,292.3 sq m) including 19,956 sq ft (1,853.9 sq m) of 2 storey high quality office accommodations.
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Salhia Real Estate sells Adidas investment at Trafford Park
- Kuwait: Monday, May 21 - 2007 at 16:41
- PRESS RELEASE
Salhia Real Estate Company has announced recently the sale of the headquarters/ distribution building it is developing for Adidas Group at Trafford Park, Manchester, U.K. to the National Farmers Union Mutual Insurance Society Ltd for approximately £33.3 million (KD 19.1 million).
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Founded in 1949, the Adidas Group is based in Herzogenaurach, Germany, and employs about 16,300 people. In January 2006, the company closed its acquisition of Reebok International Ltd. providing the new Adidas Group with a footprint of $11.8 billion in the global athletic footwear, apparel and hardware markets.KPI was incorporated in May 16th 1997 in the UK with a capital of GBP 25 million and scheduled to operate for a period of 8 years. Key Property Investments LTD (KPI) is Salhia Real Estate Company's UK property investment arm. In 2004 KPI's shareholders decided to increase the capital to GBP 50 million and extend its life another 8 years. KPI specializes in the acquisition, development and trading of various types of UK properties.
Salhia Real Estate Company K.S.C., established in 1974, is an international Kuwaiti-based company engaged in real estate/investment activities. It owns, develops and manages commercial properties and hotels in Kuwait (such as Salhia Complex, Arraya Centre and Marriott Hotels). Internationally, the company is involved in Nursing Homecare in Germany through its subsidiaries Haddia Holding GmbH and Dana GmbH. In the United Kingdom, the company has a 50:50 Joint Venture with St. Modwen Properties via Key Property Investments (KPI). Also, the company owns 50% of Drawbridge Securities Limited, which deals in property development options in the UK.
For further information/queries please feel free to contact:
Jennah Al-Mattar
Salhia Real Estate Company
Tel: (965) 2996000
Direct: (965) 2996306
Fax: (965) 2996033
P.O. Box 23413 Safat 13095 Kuwait
Posted by Medilyn Manibo, Assistant News EditorMonday, May 21 - 2007 at 16:41 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Wed Feb 06 2008.
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