Fahed Boodai, Chairman of Gatehouse Bank stated, “I pass on my congratulations to the Gatehouse team, who industriously continue to demonstrate a strong transaction performance with the completion of six high profile property transactions in eleven months to secure more than £160 million in assets within its property portfolio. The proven track record of completed transactions represents a swift delivery of results for investors, seeking access to premium international investment opportunities in real estate.
In association with GSH Kuwait, Gatehouse has acquired the InterContinental Hotels Group headquarters building, a 97,340 sq. ft. property that is fully occupied by InterContinental Hotels Group until July 2022, providing a 12 years term certain income with no breaks. The lease benefits from minimum fixed rental uplifts of 13 percent in both 2012 and 2017 and delivers solid cash yields of 9.1 percent for investors.
The Property comprises a highly specified headquarters office building which was comprehensively refurbished in 2001, including re-cladding of the elevations, a new double-height atrium and new mechanical and electrical plant throughout. In 2007, InterContinental Hotels Group refitted the interior of the building to an extremely high standard, including open plan office accommodation, break-out areas, restaurant, gym, shower facilities and conference rooms. The building is located in a well-established London sub-market with other major international occupiers in the region including Procter & Gamble, Sony, Bosch, Cadbury and Kia Motors.
Boodai added; “Gatehouse Bank’s Intercontinental property acquisition is an impressive asset that delivers an excellent result for investors in the GCC. Gatehouse continues to meet investor demand for high quality, premium assets in the UK backed by highly reputable and established tenants secured by long leases, to guarantee attractive returns.
Philip Churchill, Executive Vice President and Head of Real Estate at Gatehouse Bank said:
“The Gatehouse Real Estate team has reached another milestone with this acquisition. These successive accomplishments showcase the expertise and passion for real estate using its extensive network of relationships and track record of closing deals to secure the best opportunities.
It’s interesting to note that investors continue to look at locations outside of central London. The Western sector of the M25 motorway is a key strategic location for corporate occupiers, due in part to its proximity to national and international transport links, and the InterContinental Hotels deal is a prime example of this.”
Gatehouse continues to provide client service excellence through its nimble ability to respond to client requests for annualised returns with low risk exposure. Churchill commented, “Our strengths are complimented by ongoing reporting to investors and insights we gain from the client relationships we have forged and continue to nurture. Our focus will adapt to their ever-present needs and requests for strong and sustainable investment returns.”
Gatehouse Bank was advised by Knight Frank. The vendors, Tritax Management LLP were advised by SG Commercial.
Gatehouse Bank operates as a Shariah-compliant wholesale investment bank based in the City of London focusing on: Capital Markets, Real Estate; Structured Trade Finance and Syndication, Asset Finance and Leasing, Shariah Advisory services and Treasury business.
InterContinental Hotels Group is a market leader within the hospitality sector and the world’s largest hotel group, by number of rooms, operating across 100 countries. In the year to December 2009 InterContinental Hotels Group reported turnover of $1.5 billion and pre-tax profits of $309 million. The group has released strong results for the first quarter of 2010 with pre-tax profits of $83 million and revenue per available room increasing for the first time in 18 months.
Source : http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/161486/t/Gatehouse-completes-acquisition-of-InterContinental-Hotels-Global-HQ/Default.aspx - Nov 5, 2010
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