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GFH's unit sells UK-based logistics centre for $123m

GFH's unit sells UK-based logistics centre for $123m
Roebuck acquired the property in May 2017
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Mubasher: The UK-based Roebuck Asset Management, the subsidiary of GFH Financial Group, has completed an off-market sale of Accolade Park, a prime logistics centre in the UK, to Tritax Big Box REIT in exchange for $123 million. 

Spanning over an area of  875,000 sq ft, Accolade Park is located in Avonmouth, a principal logistics and manufacturing area for the South West of the country, according to a recent press release.

In May 2017, Roebuck acquired the asset for $84 million on behalf of a consortium of institutional Korean investors.

During the hold period, Roebuck has completed a number of acquisitions with Korean and other Asian institutional investors, including Tesco’s Avonmouth Distribution Centre in the UK for $102 million and GP Logistics Centre in Spain for $96 million.

The Board Member at Roebuck and Co-Chief Investment Officer at GFH, Nael Mustafa, said: "The strategy to sell Accolade Park is in line with the Roebuck’s plans. Mainly, to acquire core and core-plus logistics assets, add value through execution of asset management initiatives and to exit within a medium term."

Meanwhile, Nick Rhodes of Roebuck Asset Management commented: "We consider this a critical milestone for Roebuck and confirmation of its abilities in the logistics sector and plan to build on this and our extensive track record to launch our first fund in European logistics in the later part of 2021."

GFH is listed on Bahrain Bourse, Boursa Kuwait, and the Dubai Financial Market (DFM).