Mirabaud picks up two San Jose buildings for $95.2m
Both properties have secured long-term leases and with net returns of nearly 8%
Dubai: Mirabaud’s Asset Management division has picked up two single-tenant office buildings in San Jose, California, for $95.2 million. This was done on behalf of investors in the Gulf.
“We aim to offer our clients in the Middle East alternative geographical locations for real estate investments,” said Yves Mirabaud, Senior Managing Partner of Mirabaud.
The US acquisitions will allow investors to benefit from existing long-term leases, with a remaining lease term and no termination options of greater than 10 years. It comes with the promise of cash-on-cash returns net after tax of at least 8 per cent, according to the fund manager.
The fund has now successfully closed two real estate transactions for almost $200 million during the last six months.
“We are on the lookout for similar opportunities that will secure constant cash flow for our clients with a solid fundamental of capital preservation,” said Alain Baron, Limited Partner and Head of MENA Market at Mirabaud.