Dubai - Mubasher: Gulf Islamic Investments (GII) on Sunday announced that it had acquired West Campus, a commercial building situated in West Hill Business Park Aberdeen in Scotland, in consideration of GBP 44 million.
Constructed in 2008, the West Campus is situated on around 75,000 square meters land, with a net leasable area of 19,675 square meters, the company said in a statement.
The building is fully-leased by Total E&P UK Limited and Subsea 7 Limited for nearly 11 years.
“This transaction highlights the commitment to invest in modern and well-let assets to strong covenants, such as Total where they have operated historically for over 50 years,” said Mohammed Al-Hassan, GII’s Co-founder and CEO.
Total company’s lease will account for 83% of the rental income, while Subsea’s lease will make up the remainder, GII revealed.
“We managed to enter the Aberdeen real estate market at the bottom of the real estate cycle and are already witnessing a strong uptick in demand on the back of improved fundamentals and an uptick in oil prices,” Pankaj Gupta, GII’s CO-CEO, commented.