MANAMA: GFH Financial Group has partnered with Wafra International Investment Company, a Kuwaiti based asset management company with US$8.5 billion in AUM, to acquire a portfolio of US-based blue chip logistics assets leased to FedEx and General Mills.
The portfolio is comprised of eight income-yielding mission critical logistics assets that are being built to suit the requirements of their tenants. Seven of the facilities are leased to FedEx Ground and the other to General Mills.
The assets are expected to be completed during 2022 as part of the built-to-suit process with leases to commence upon completion. The assets are located in highly strategic locations across the US in key distribution hubs, with tenant demand benefiting from strong tailwinds contributed by growing e-commerce penetration rates and sales, ongoing evolution of supply chain logistics and inadequate supply of high-quality prime warehousing facilities.
GFH currently has assets under management of close to US$15 billion, with growth recently driven primarily by its acquisition of a number of state-of-the-art, purpose-built logistics facilities occupied by market leading tenants such as Amazon, FedEx and Michelin.