Deal, valued at $135 mn, done jointly with Silver Creek Commercial
MANAMA/ February 24-2021: – GFH Financial Group (GFH) has announced the acquisition of a mission-critical distribution facility in Chicago, Illinois, which has been leased since November 2015 to the blue chip tenant, Michelin North America, the international, top selling tyre brand and global tyre industry innovator.
The transaction, valued at over $135 million, marks the continued expansion of GFH’s global portfolio of income generating real estate assets including prime distribution centres; well positioned logistics assets and last mile delivery facilities in the US and Europe.
The transaction was undertaken in partnership with Silver Creek Commercial Development, a US-based asset manager with a track record of over $2 billion in logistics transactions. The facility is distinguished by its strategic location in the geographic centre of the United States.
It is situated at the intersection of I-55 (Chicago to Louisiana) and I-80 (New York to Northern California) offering seamless access to major interstate highways. The facility is one of only two bulk logistics centres used by Michelin in the US, handling 35 per cent of the company’s imported inventory and therefore sitting at the heart of its US operations.
Razi Al Merbati (seen in the picture), CEO of GFH Capital S.A., said, “With this transaction, we continue to further our efforts to diversify and expand our portfolio of international, blue chip real estate assets.”
This includes new acquisitions of prime properties in strategic geographies including the US. “This is especially true in the distribution and logistics segment today, where demand is strong for well-located facilities close to major urban centres and populations that require faster and more seamless access to goods,” Al Merbati added.
A GFH statement said, with this deal, the company moves further towards solidifying its position as a leading real estate investor in the US and look to transact on the strong pipeline of other unique opportunities.