Dubai: The Dubai-based Gulf Islamic Investments has picked its second big overseas real estate asset this year- the latest is an office campus in Jacksonville, Florida, for about $50 million. This is the asset management company’s – actively handling $2 billion – first push into Florida and the fourth one in the US since 2016.
This takes the general US portfolio of GII to $250 million or more. In March, it finished its biggest real estate transaction to date – the $301 million acquisition of Altaïs Towers, a business skyscraper in the eastern Parisian suburb of Montreuil.
Alongside Europe and the UK, North America represents a vital market for GII with past acquisitions including a Dun and Bradstreet office in Allentown, Pennsylvania, the Realogy HQ in Madison, New Jersey, and Grand Street Plaza in White Plains, New York. In the next six months, the plan is to “fortify and support its situation in business land in the US”.
In Florida, the Concourse Office Park includes a lettable area of 288,000 square feet and contains three four-story buildings. The current occupancy of the Park, built between 1998-2001, stands at 87% with leading tenants from the medical services space. “As we craft the next chapter of GII’s growth, expanding our realty portfolio in North America, with a special focus on tier 2 cities, will remain one of our utmost priorities,” said Mohammed Alhassan, Founding Partner and Co-CEO of Gulf Islamic Investments.