Kuwait-based investor Kamco has partnered with M7 Real Estate to acquire three UK regional office buildings in the English cities of Cardiff, Bristol and Maidenhead.
The three properties – Artadius House (Cardiff), Keypoint (Bristol) and Objects House (Maidenhead) – were purchased from both private and corporate owners. Financial details were not disclosed but the UK press put the deal value at £65 mln (€74 mln).
They provide a combined floor space of 213,000 sq ft (19,800 m2) as well as 562 parking spaces and are occupied by single tenants.
The latest string of deals now brings Kamco and M7's UK office investment portfolio to over 420,000 sq ft, following the acquisition of offices in Bristol, Hamilton and Chertsey last year. Kamco Investment Group is one of the largest real estate asset managers in the GCC.
International law firm Addleshaw Goddard, Kamco's sole legal counsel in the UK, created the investment structure for the transactions meeting Sharia-compliant funding structures.
Mohammad Al Othman, executive director of Real Estate at Kamco Invest, said: ‘We are continuing to advise and assist our regional group entities on real estate transactions and diversify the group’s portfolio by investing in high-quality, well-located office spaces throughout the UK. Kamco Invest group will continue to build out the group’s investment strategy by seeking to acquire income-generating, premium office space.’
Leona Ahmed, real estate partner and head of London at Addleshaw Goddard, said: ‘Though the UK is still in the grips of a national lockdown, we're beginning to see signs of renewed interest in regional office markets, particularly high-quality, flexible spaces which can be easily adapted based on changing occupier needs.’
