(Global), a regional Asset Management and Investment Banking firm headquartered in Kuwait, has unconditionally contracted to acquire Stockport Grade A offices.
The property is let to Sky Subscribers Services Limited, on a full repair and insurance lease subject to upward only rent reviews.
Global has also contracted to acquire 6 Knowsley Place in Bury, a modern office building constructed in 2011.
Structured as one transaction, this acquisition provides Global investors a stabilised income stream with strong rental growth prospects and expected annualised cash dividends of 9%.
The Stockport property, located at Saint Peter’s square, is a modern comprising of a self-contained unit over basement, ground and 5 upper floors and benefits from a BREEAM rating of ‘Excellent’. The property also benefits from panoramic views and excellent levels of natural light.
The Grade A office in Stockport is let entirely to SKY Subscriber’s Services (part of SKY Plc) with a weighted average unexpired lease term in excess of 8 years.
Stockport is one of the largest greater Manchester sub-regional centres and has been identified as a principal focus for development with a number of priority projects set out, including the Stockport Exchange, Red Rock (a flagship leisure development project due to open in November 2017.
This marks the fifth transaction under the the UK National Commercial Real Estate Program which Global’s real estate asset management team launched, in partnership with London based Greenridge Investment Management Limited (“Greenridge”), in September 2015.
Sulaiman Al-Rubaie, Executive Vice President & Head of Alternative Asset Management, said:
“We are very happy with the strong performance of our UK Real Estate program and look forward to expand this successful program to exploit further opportunities in continental Europe and the United States. This is the fifth transaction completed by Global’s real estate asset management team in almost two years and we look forward to expand our real estate assets under management to $1 billion in the next several years.”