Bahrain-based GFH Financial Group has announced that its subsidiary, Roebuck Asset Management, has concluded the off-market sale of a UK logistics centre for $123 million.
The sale of Accolade Park to Tritax Big Box REIT marks the end of a successful hold period for Roebuck, who acquired the asset for $84 million in May 2017 on behalf of a consortium of institutional Korean investors.
Accolade Park is a prime logistics centre comprising of 875,000 sq ft located in Avonmouth which is the principal logistics and manufacturing area for the South West of the country, centred around the Port of Bristol.
During the hold period, Roebuck has completed a number of acquisitions with Korean and other Asian institutional investors investing into mainly mission critical logistics assets across Europe including Tesco’s Avonmouth Distribution Centre, in the UK, which was acquired for about $102 million.
GFH acquired a majority stake in Roebuck, which continues to operate independently, in December. With GFH’s backing, Roebuck said it is set to execute on significant growth plans for 2021.
Together, GFH and Roebuck are working on over €1 billion of new third party mandates, a statement said.
Nael Mustafa, board member at Roebuck Asset Management and co- chief investment officer at GFH, said: “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio. The strategy to sell Accolade Park is in line with the Roebuck’s plans. Mainly, to acquire core and core plus logistics assets, add value through execution of asset management initiatives and to exit within a medium term.
“We look forward to announcing new transactions in this space and offering investors the opportunity to benefit from positive trends in the UK and European logistics, a segment of the market showing solid fundamentals and continued prospects for growth.”
Source:https://www.arabianbusiness.com/banking-finance/462599-unit-of-bahrains-gfh-sells-uk-logistics-hub-for-123m