UAE firm buys Amazon logistics centres for $144m
UAE-based Gulf Islamic Investments (GII) has announced the acquisition of nearly one million square feet of logistics centres for Amazon for $144 million.
The two Grade A logistics centres, located in Dortmund, Germany, serve as Amazon’s key logistics centres supplying goods to 29 other facilities, the company said in a statement.
The newly built facilities are leased out to Amazon on a long-term lease with regular rental uplifts linked to Germany CPI, it added.
Mohammed Al-Hassan, co-founder and CEO, said: “GII’s real estate investment strategy is to have an exposure to good yielding commercial assets with investment grade tenants. We believe this transaction perfectly matches our investment strategy.
“Dortmund offers a strategic location for a high-growth market and is one of the most important logistics hubs in whole Europe. Germany also produces about one-quarter of the EU's GDP, with investment safety rates and remarkable returns."
“Al-Hassan confirmed that GII plans to keep acquiring high quality income yielding real estate assets in the US, UK and Germany.
Pankaj Gupta, co-CEO of GII said the property marks its fifth international real estate asset and the first in Germany, adding that its total investment in the European market has crossed $500 million.