Saudi Arabia's Arbah Capital picks up five industrial properties in US
JLL Capital helped secure $22.9m financing for asset purchase
Dubai: Saudi Arabia’s Arbah Capital has acquired five industrial properties in the US, representing a combined 557,000 square feet. This was done in partnership with Chicago-based Brennan Investment Group.
To structure the deal, JLL Capital Markets arranged a Shariah-compliant joint venture equity partnership and $22.9 million in debt financing. The properties are in Michigan, Minnesota, Illinois and Iowa. (JLL also placed a five-year, floating-rate loan with Wintrust Bank.)
With a mix of tenants from the automotive, manufacturing and telecommunications industry, the 97.5 per cent-leased portfolio has a weighted average lease term of 5.4 years. Four of the facilities are single-tenant assets. “It has been a pleasure to work with JLL and BIG on this transaction, which posed a number of challenges in this environment,” said Mahmood Y. Al-Kooheji, CEO of Arbah Capital.
“We were very impressed with the professionalism and pragmatism of our partners to get this deal over the line. Arbah looks forward to building on our relationships for more success in the future.”