The First Investor (TFI), a subsidiary of Barwa Bank Group, recently acquired a prime office property in Stuttgart, Germany, via its TFI Europe Income Fund.
The property is leased to a leading German automotive groups, a statement said. The value of the deal has not been revealed.
This investment is in line with TFI's strategy to identify attractive opportunities in developed markets like Germany and the UK, where it has already made considerable investments, said TFI.
The fund, a close-ended Shariah-compliant real state fund was recently established by TFI and Inovalis with the focus on investing in income generating commercial real estate assets in highly lucrative European markets.
For the Stuttgart acquisition, the fund partnered with Inovalis REIT, a Real Estate Investment Trust listed on the Toronto Stock Exchange.
The fund aims to secure another Grade A assets during current year. The acquisition aims also to provide a stable income stream with strong rental growth prospects and it is expected to distribute dividends in the range of 6 to 7 per cent net to the investors, it said. – TradeArabia News Service
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