Gatehouse Financial Group (Gatehouse), a leading real estate focused shariah-compliant financial services group, today announced that it has successfully completed the sale of its U.S. Industrial Net Leased Portfolio III.
The Portfolio has been sold to a joint venture backed by a China based alternative asset manager. The portfolio is comprised of 3.3 million square feet, consisting of 24 industrial and office properties, and situated across 13 states including California, Florida, New York, Texas, and Virginia. The Portfolio, which is stabilized at 100% occupancy, was acquired in a joint venture partnership with Brennan Investment Group in July 2013.
Mr. Fahed Boodai, Chairman of Gatehouse, said: "We are delighted with the successful performance of this investment with the Brennan Investment Group. Together we have already invested nearly $1 billion in the US industrial real estate markets. Gatehouse continuously seeks to partner with best in-class operators with demonstrated expertise in specific real estate sectors."
"We are very pleased with the successful exit of the USIP Net Leased Portfolio III and our partnership with the Gatehouse Financial Group. Gatehouse is an important partner for Brennan Investment Group and we look forward to collaborating together on future acquisitions," said Michael Brennan, Chairman and Managing Principal of Brennan Investment Group.
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