GFH sells UK-based prime logistics park for US$123 million

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday announced that its UK subsidiary, Roebuck Asset Management, has concluded an off-market sale of Accolade Park to Tritax Big Box REIT Plc for US$123 million. Accolade Park is a prime logistics centre in the UK comprising of 875,000 sq ft located in Avonmouth, which is the principal logistics and manufacturing area for the South West of the country, centred around the Port of Bristol.

The sale marks the end of an extremely successful hold period for Roebuck, who acquired the asset for US$84 million in May 2017 on behalf of a consortium of institutional Korean investors.

The robust income and significant value increase provided the investors with a post-tax IRR of 20%+, well in advance of the target business plan for such a core asset.

Together, GFH and Roebuck are working on over Euro 1.0 billion of new third party mandates. Commenting, Nael Mustafa, Board Member at Roebuck Asset Management and CoChief Investment Officer at GFH, said, “We’re pleased to announce this important exit by Roebuck of one of the prime logistics assets in the portfolio.

The strategy to sell Accolade Park is in line with Roebuck’s plans. “We look forward to announcing new transactions in this space and offering investors the opportunity to benefit from positive trends in the UK and European logistics, a segment of the market showing solid fundamentals and continued prospects for growth.”

Nick Rhodes of Roebuck Asset Management said, “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.”