The Capital Quest | Bahrain’s GFH Financial Forms Joint Venture to Buy Logistics Assets in Spain

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A UK subsidiary of Bahrain-based investment firm GFH Financial Group has set up a joint venture to acquire urban logistics assets in Spain.

The Manama-based GFH said its subsidiary Roebuck Asset Management will invest 400 million euros, or $409 million, alongside ICG Real Estate, the real estate arm of the London-based International Capital Group, in over the next 18 months.

GFH said the investments will primarily be made to acquire long-income indexed assets through direct sale and sale-leaseback opportunities or secondary acquisitions.

The new joint venture has already acquired three assets in Spain, GFH said without providing further details. “The assets form a seed portfolio of triple net income, backed by good covenants, in locations critical to their tenants’ needs, providing a solid platform from which to aggregate,” the company said. ‘investment.

Roebuck is a pan-European asset management firm specializing in European logistics that has completed transactions worth €2.5 billion since its inception in 2009.

“The JV builds on Roebuck’s well-established track record as a pan-European asset manager and its presence in the Spanish market, having established Roebuck Iberia in 2020 following the €300 million transaction of Spanish logistics and increased investor demand for access to Spain. said Hugh Macdonald-Brown, managing partner of Roebuck.

“We see great promise in the last mile city logistics market in the country, which continues to demonstrate positive fundamentals…We are actively looking at new opportunities to follow the first three successful acquisitions we have made and we are looking forward to working with investors, developers and strengthening our already strong relationships with our tenants, while building and expanding the Roebuck Iberia team,” he said.

By January this year, Roebuck had completed the exit from its portfolio of Amazon last mile logistics warehouses in Spain. The portfolio was acquired in 2020 and covered an area of ​​approximately 140,000 square meters comprising three assets in Murcia, Alicante and Valladolid, leased to Amazon road transport, Spain.

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