Mubasher: Kuwait Investment announced its acquisition of commercial property in the German city of Düsseldorf at a total value of EUR 41 million or KWD 14 million.
The asset acquisition was executed through a takeover of special purpose companies, Kuwait Investment said, noting that this property is leased based on a contract by LEG, a leading firm in Germany.
The financial impact of acquiring this asset will be registering KWD 14 million worth of assets in Kuwait Investment’s income statements, in addition to an increase of KWD 8.2 million in liabilities and investors’ rights.
Kuwait Investment further noted that this acquisition is expected to generate a 7.5% annual return.
