BLME acquires property for its light industrial building fund
- Kuwait: Thursday, October 04 - 2012 at 09:26
- PRESS RELEASE
BLME, the largest Islamic bank in Europe whose main shareholders are Boubyan Bank and the Kuwaiti Public Institution for Social Security, has announced a further acquisition for its Light Industrial Building Fund 'the Fund'. The Fund is on target for an annualised yield of over 8% with quarterly cash dividends once fully invested.
The property is a multi-let site with six tenants, which will be made up of internationally recognised names, including a multinational electrical goods supplier, an international leading high street chemist brand and a FTSE 250 building supplies company.
Derek Weist, Director, Asset Management at BLME, said, "This acquisition geographically broadens the Fund's portfolio. In the current environment we are continuing to see a number of excellent opportunities to acquire good quality assets at yields that achieve or even exceed our target return. We expect this momentum to continue and for the Fund to continue to attract investors looking for a high yielding, cash generative opportunity to diversify their property exposure away from central London."
An important milestone has been the addition of £3.6m '$5.7m' of leverage into the Fund from an international financial institution.
Derek Weist added, "The leverage we have received further enhances the attractive investment opportunity offered by the Light Industrial Building Fund to institutional as well as individual investors. We anticipate that the leverage will increase to around 40% to 50% of the value of the assets held by time the Fund is fully invested."
The Light Industrial Building sector is well supported by the economy with the strongest monthly rise in UK manufacturing production since July 2002 and the strongest monthly rise in UK industrial production since February 1987. 'UK Office of National Statistics, August 2012'. The Fund remains open for additional investor commitments until February 2013.
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