GFH and Wafra International create strategic partnership to acquire portfolio of FedEx US logistics assets

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

GFH Financial Group yesterday announced partnering with Wafra International Investment Company, a Kuwaiti based asset management company with US$8.5 billion in AUM, to acquire a portfolio of US-based blue chip logistics assets leased to FedEx and General Mills.

The portfolio includes eight income-yielding mission-critical logistics assets being built to suit the requirements of their tenants. Seven of the facilities are leased to FedEx Ground and others to General Mills.

The assets are expected to be completed during 2022 as part of the built-to-suit process with leases to commence upon completion.

The assets are in highly strategic locations across the US in key distribution hubs, with tenant demand benefiting from strong tailwinds contributed by growing e-commerce penetration rates and sales, the ongoing evolution of supply chain logistics and inadequate supply of high-quality prime warehousing facilities.

GFH currently has assets under management of close to US$15 billion, with growth recently driven primarily by its acquisition of several purpose-built logistics facilities occupied by market-leading tenants such as Amazon, FedEx and Michelin.