UAE – based Gulf Islamic Investments acquires prime office campus in Florida for $50mn

This time, they have acquired an office campus in Jacksonville, Florida, for around $50 million. Though this is the asset management company's first realty acquisition in Florida, it is their fourth one in the US

UAE - based Gulf Islamic Investments acquires prime office campus in Florida for $50mn

UAE - based Gulf Islamic Investments acquires prime office campus in Florida for $50mn

The Gulf Islamic Investments (GIL), a UAE-based financial services company regulated by the Emirates Securities and Commodities Authority (ESCA), has managed to add another lucrative overseas real estate asset to its already impressive and ever-growing portfolio.

The Concourse Office Park, developed between 1998 and 2001, stands at 87 % with leading tenants from the healthcare space and encompasses a total lettable area of 288,000 sq ft, comprising of three four-storied buildings – Concourse I, II and, III – situated at 5200, 5210 and 5220 Belfort Road respectively. Concourse Office Park is distinguished for its 2.16 million square feet of Class A office space and a prestigious location for small and large corporate offices. The Concourse campus offers essential and luxurious amenities to clients, visitors, firms as well as employees.

Mohammed Alhassan, Founding Partner and Co-CEO said “GII is excited to make this investment in The Concourse Office Park in Jacksonville, one of America’s fastest-growing cities in the wake of the global pandemic.” The Concourse Office Park offers state-of-the-art facilities and diverse outdoor areas with walking trails and notably large common areas, ideally suited to current public health standards and social distancing measures.

This asset management company is currently handling assets worth $2 billion in the US. The latest acquisition is the fourth one since 2016, taking the overall US portfolio of GII to over $250 million. Earlier this year, Gulf Islamic Investments acquired Altaïs Towers, a commercial high-rise in the eastern Parisian suburb of Montreuil, worth $301 million, making it one of their most valuable acquisitions to date. GIL, which already has a note-worthy presence in Europe and UK, is also very keen on North America as it represents an incredibly lucrative market for future acquisitions, which will further strengthen and reinforce its position in commercial real estate in the US.

“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.

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