Seera completes sale of Buckeye logistics centre
Seera Investment Company, a Shari’a compliant investment firm headquartered in Bahrain, announced yesterday the sale of Buckeye Logistics Centre. The 1 Million square ft. distribution warehouse in Phoenix, Arizona is 100 per cent leased to Amazon. Seera and its partner, the Koll Group, acquired the warehouse, located in the main logistics hub of Buckeye, Phoenix in July 2016.
Hamad Al Ameeri, Seera’s Chairman of the Board of Directors said: “The Warehouse was acquired in mid-2016 with a remaining lease of around 5-years and was projected to be sold in 2021 after the renewal of the lease. However, we have been able to achieve a highly successful exit well ahead of the projected investment holding period.” He said that the sales provided a cash yield of 9pc over the investment holding period also earned capital gain providing returns close to the projected returns. Abdulla Janahi, Seera’s CEO, said the sale has provided investors with a total return on investment of around 30pc ROI over a period of around 18 months.
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